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Rupiah leads regional currency appreciation against US dollar
In the morning, the dollar index slightly weakened to 97.29 from 97.31 on Thursday.
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Rupiah banknotes (Shutterstock.com/Maciej Matlak)
T
he rupiah’s exchange rate stood at Rp 14,158 per US dollar on Friday, according to the Jakarta interbank spot dollar rate (JISDOR), or 0.17 higher than its rate on Thursday.
Meanwhile, according to the foreign exchange spot market, the currency was quoted at Rp 14,158 per dollar at 10:08 a.m. on Friday, or 0.18 percent stronger than its position on Thursday evening.
Securities firm Samuel Sekuritas Indonesia economist Ahmad Mikail said the dollar index had strengthened on Friday against other world currencies, particularly the euro, due to the weakening of the German economy.
Factory orders in Germany were recorded at minus 4.2 percent month-to-month (mom) in February, compared to minus 2.1 percent mom in January. “The decline has sparked investors’ concerns over the prospects of the EU economy,” Ahmad said as quoted by kontan.co.id on Friday.
Meanwhile, employment data in the US had strengthened, he added. The improved employment data had eased worries about a possible economic slowdown in the country.
The condition also created positive sentiment toward the rupiah, encouraging capital inflow to Indonesia, he added.
In the morning, the dollar index slightly weakened to 97.29 from 97.31 on Thursday.
The rupiah led other regional currencies in its appreciation against the dollar, followed by the peso in the Philippines, yuan of China, ringgit of Malaysia, won of South Korea, Singapore dollar and Taiwan dollar.
Ahmad projected the rupiah exchange rate to stand between Rp 14,100 and Rp 14,150 million per dollar on Friday. (bbn)
