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Jakarta Post

Rupiah hits two-year high, but concern grows over impact on exports

  • Riska Rahman, Adrian Wail Akhlas and Made Anthony Iswara

    The Jakarta Post

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Jakarta   /   Mon, January 27, 2020   /  03:00 pm
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A currency trader shows US dollar notes in a money changer in Jakarta. The rupiah continues to strengthen against the US dollar in the past three weeks amid the inflow of foreign funds into the country. (Antara/Hafidz Mubarak A)

The rupiah has continued its upward trend against the United States dollar since the turn of the year as the easing of geopolitical tensions encouraged the inflow of foreign funds into emerging markets including Indonesia. The rupiah, which had traded at 14,000 per US dollar for most of 2019, started 2020 with an optimistic outlook as the Indonesian currency managed to pass below the 14,000-mark at 13,900. The rupiah continued its upward trend in the following days. The rupiah, which reached its two-year high at 13,639 per US dollar on Jan. 20, further increased to 13,583 per dollar on Friday. However, it slightly dropped to Rp 13,600 on Monday afternoon amid concerns over the spread of the deadly coronavirus that has spread to many countries since it was first detected in Wuhan, China, several weeks ago. The rupiah might indicate the strength of the country’s economic fun...