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Rupiah continues to strengthen
It was the fifth day of appreciation for the currency.
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Rupiah banknotes (Shutterstock.com/Maciej Matlak)
T
he rupiah was quoted at Rp 14,122 per US dollar at 10:27 a.m. on Thursday, having strengthened 0.46 percent since Wednesday, according to the foreign exchange spot market. It was the fifth day of appreciation for the currency.
Meanwhile, according to the Jakarta interbank spot dollar rate (JISDOR,) the rupiah exchange rate stood at Rp 14,102 per dollar on Thursday, 0.91 percent higher than its position on Wednesday, which was quoted at Rp 14,231 per dollar.
Futures firm Samuel Sekuritas Indonesia economist Ahmad Mikail said the rupiah appreciation was triggered by the dovish statement made by Federal Reserve chair Jerome Powell, who said the US central bank would not increase its key rate this year.
“In addition, the Fed also announced a plan to end balance sheet runoff in September,” he said as quoted by kontan.co.id.
External factors have caused global investment to return to emerging countries, including Indonesia. He estimated the rupiah exchange rate would be between Rp 14,100 and Rp 14,150 on Thursday.
Meanwhile, PT Garuda Berjangka director Ibrahim said the rupiah had an opportunity to strengthen bellow Rp 14,000 per dollar because of the Fed dovish policy and better domestic economic data.
“The rupiah could be quoted at Rp 13,950 per US dollar any time soon,” he said, adding that the rupiah’s strengthening could continue during the closing of the spot market on Thursday. (bbn)
