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Rupiah drops to Rp 15,240 per US dollar Tuesday
The rupiah was recorded at Rp 15,240 per United States dollar at 10:36 a.m. on Tuesday, a 0.11 percent drop from its position on Monday.
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A customer counts US dollars at an ITC Kuningan shopping center money changer in South Jakarta. (Antara/Puspa Perwitasari)
T
he rupiah was recorded at Rp 15,240 per United States dollar at 10:36 a.m. on Tuesday, according to the foreign exchange spot market, a 0.11 percent drop from its position on Monday, which was Rp 15,223 to the dollar.
It was the weakest level this year and the lowest position since 1998. It is also the third consecutive day that the rupiah has weakened, having depreciated 0.81 percent since Friday. The currency's exchange rate has tipped passed Rp 15,000 per US dollar since Oct. 2.
The US' initial economic growth figure in the third quarter was 3.5 percent, higher than 3.3 percent forecast by analysts. “The [rupiah's] weakening could be in response to US GDP data,” said Asia Trade Point Futures analyst Andri Hardianto as quoted by kontan.co.id.
He said Bank Indonesia had to intervene in the market because the US needed large amounts of US dollars this month, particularly to pay US government foreign debt.
The rupiah exchange rate would be Rp 15,170 to Rp 15, 210 per US dollar on Tuesday, he estimated.
Meanwhile, the US dollar index continues to strengthen. It has been above 96 since last week and on Tuesday, it was 96.64, continuously strengthening in the last two days in response to the US government plan to impose more import tariffs on Chinese products, which will be announced by President Donald Trump next month. (bbn)
