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Rupiah weakens in three trading days, as US dollar index strengthens
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An employee counts rupiah bills at a money changer in Jakarta on March 14. (Antara/Sigid Kurniawan)
T
he rupiah exchange rate stood at Rp 14,879 per US dollar in the foreign exchange spot market at 11:54 a.m. on Tuesday, 0.40 percent lower than its position on Monday, according to Bloomberg.
Meanwhile, according to the Jakarta interbank spot dollar rate (JISDOR), the rupiah was quoted at Rp 14,895 per US dollar, lower than its position on Monday ( Rp 14,747) and Saturday (Rp 14,632) on Friday.
Monex Investindo Futures analyst Faisyal said the strengthening of the dollar index, which stood at the 97.59 level, had caused currencies of emerging countries to weaken.
The dollar index strengthened ahead of the likely increase of the Fed Fund Rate by 25 percent basic points (bps), which would be the fourth increase this year, he said, adding that it was also a period for investors to pull out capital from risky assets.
“It can be seen from the Wall Street decline,” he said as quoted by kontan.co.id, adding that the trade war between the US and China had also gained attention ahead of the G-20 Summit in late November.
Domestically, Faisyal said, the announcement of trade data by Statistics Indonesia this week would also affect the rupiah exchange rate.
He projected the rupiah to trade between Rp 14,835 and 14,980 per dollar on Tuesday. (bbn)
