Rupiah Weakens to Record IDR16,000/US Dollar: An Analysis

The rupiah continues to depreciate and now approaches its weakest level since the reformation era at IDR16,000 per US dollar. As the weakening trend continues, concerns emerge, and questions are raised: which factors must be anticipated?

Tim Redaksi

9 Okt 2023 - 20.16
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Rupiah Weakens to Record IDR16,000/US Dollar: An Analysis

Illustration - Rupiah currency (IDR)./Bisnis.com

Bisnis, JAKARTA — The rupiah closed stronger at the end of last week at IDR15,612 per US dollar on Friday (10/6/2023) ahead of the release of the nonfarm payrolls (NFP) data from the United States. In line with the rupiah's strength, several other Asian currencies also showed gains against the US dollar.

According to Bloomberg data quoted on Friday (10/6/2023) at 3:00 PM WIB (Western Indonesian Time), the rupiah closed up by 0.04 percent or 5.5 points to reach IDR15,612 per US dollar, following another strengthening in the previous trading session. Meanwhile, the US dollar index was observed to have strengthened by 0.09 percent to reach 106.42 in the afternoon.

Several Asian currencies that strengthened against the US dollar included the Taiwanese dollar, which gained 0.45 percent; the Korean won, which increased by 0.02 percent; the Philippine peso, which rose by 0.08 percent; the Indian rupee, which saw a 0.03 percent gain, the Chinese yuan, which strengthened by 0.19 percent, and the Malaysian ringgit, which climbed by 0.25 percent.

Despite its gains on Friday, the rupiah had weakened by 0.51 percent year-to-date. At the beginning of the year, the Rupiah had a relatively strong performance, briefly touching the level of IDR14,580 per US dollar.

Cek Berita dan Artikel yang lain di Google News dan WA Channel
Editor: Yusuf Waluyo Jati
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Rupiah Weakens to Record IDR16,000/US Dollar: An Analysis

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