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Jakarta Post

Rupiah kicks off new year by recouping losses, pointing to further gains

  • Adrian Wail Akhlas

    The Jakarta Post

Jakarta   /   Wed, January 6, 2021   /  07:28 pm
The Jakarta Post Image
An employee arranges rupiah and US dollar banknotes at an office of Bank Syariah Mandiri in Jakarta on April 20, 2020. (Antara/Nova Wahyudi)

The rupiah exchange rate began the new year by recouping its losses, and analysts expect the currency to further gain going forward amid risks surrounding Indonesia’s vaccination efforts and economic recovery. The rupiah climbed to its six-month high and broke below the 14,000 mark against the US dollar on Monday, appreciating by 1.1 percent on the day before depreciating 0.15 percent on Tuesday to 13,916. The currency strengthened 0.14 percent on Wednesday to 13,895 against the greenback. The recent gain was supported by fading US election risks and coronavirus vaccine developments, according to several analysts. “The rupiah’s short-term outlook is positive and likely to gain further on the back of higher demand for riskier assets, vaccine developments and the United States’ approved fiscal stimulus,” Bank Permata economist Josua Pardede ...