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Jakarta Post

Rupiah drops to Rp 14,234 per US dollar

The rupiah exchange rate dropped to Rp 14,224 per US dollar at 10:22 a.m. on Friday, or 0.65 percent lower than its position on Wednesday.

News Desk (The Jakarta Post)
Jakarta
Fri, March 8, 2019

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Rupiah drops to Rp 14,234 per US dollar An employee counts rupiah bills at a money changer in Jakarta on March 14. (Antara/Sigid Kurniawan)

T

he rupiah exchange rate dropped to Rp 14,224 per US dollar at 10:22 a.m. on Friday, or 0.65 percent lower than its position on Wednesday, which was recorded at Rp 14,143, according to the foreign exchange spot market.

Meanwhile, the Jakarta interbank spot dollar rate (Jisdor) showed that the Indonesian currency weakened by 0.66 percent to Rp 14.223 per US dollar on Friday from Rp 14.129 on Wednesday.

It was the weakest rupiah exchange rate since Jan. 7 and Friday’s showing was the worst among the other currencies in the regions -- South Korean won (0.36 percent) Malaysian ringgit (0.12 percent), Taiwan dollar (0.09 percent) and Chinese yuan (0.04 percent).

The weakened showing occurred amid the release of the country’s foreign exchange reserve in February that increased to US$123.3 billion in January.

Meanwhile, the US dollar index slightly corrected itself on Friday after a sharp jump the previous day. The dollar index has been in the level above 97 since Wednesday after the European central bank cut economic growth projection rates for 2019 to 2021.

Futures firm Monex Investindo Futures analyst Ahmad Yudiawan explained that the strengthening of the US dollar index was supported by the improved data of the US economy, including the purchasing managers' indexes (PMI) composite index, which increased to the 59.7 level.

Meanwhile, houses sales in the United States increased from 599,000 in November last year to 621,000 in December, Ahmad said as quoted by kontan.co.id. 

Bank Permata economist Josua Pardede said the statement made by two officials of the US Federal Reserve of a possible increase in the central bank key rate would further strengthen the US dollar against other currencies. (bbn)

 

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