The Rupiah's Upward Trend Continues

The rupiah closed firmer against the US dollar on Monday (11/20/2023) in line with increasing speculation that the Fed will not resume rate hikes.

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20 Nov 2023 - 19.05
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The Rupiah's Upward Trend Continues

Illustration - Indonesian rupiah./Bisnis

Bisnis, JAKARTA — The rupiah closed more robustly against the US dollar on Monday (11/20/2023) in line with increasing speculation that the Fed will not resume rate hikes. 

Previously, on Friday (11/17/2023), Bloomberg recorded the rupiah closing higher by 0.40% or 62 points at IDR15,492 per US dollar. On the other hand, the US dollar index, which measures the strength of the greenback against major currencies, also strengthened by 0.17% or 0.18 points to 104.53 simultaneously (15:20 Western Indonesian time).

Ibrahim Assuaibi, director at PT Laba Forexindo Berjangka, said the rupiah will likely fluctuate but has the potential to close stronger in the range of IDR15,460 to IDR15,540 per US dollar at the beginning of the following week. After the lower-than-expected US inflation reading for October, data on Thursday (16/11) showed that US weekly unemployment claims grew more than projected for the fourth consecutive week.

This data has led to speculation that the Fed has concluded its hawkish trend and may begin cutting interest rates in mid-2024. “The Fed's meeting minutes for October will be released next week, providing more clues about the central bank's prospects,” he said in research on Friday (11/17/2023).

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Editor: Yusuf Waluyo Jati
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The Rupiah's Upward Trend Continues

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