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Rupiah collapses to Rp15,500 this afternoon, the weakest in the last 2.5 years


Rupiah collapses to Rp15,500 this afternoon, the weakest in the last 2.5 years


The rupiah exchange rate  fell 0.24 percent to reach Rp15,500 per US dollar on. 
The majority of currencies in the Asian region were observed to weaken. The South Korean won weakened 0.27 percent, the Singapore dollar weakened 0.04 percent, and the Malaysian ringgit weakened 0.14 percent.

Then, the Chinese yuan was minus 0.22 percent, the Philippine peso was minus 0.29 percent, the Japanese yen was minus 0.05 percent, and the Hong Kong dollar was stagnant.

Meanwhile, the currencies of developed countries were compact weakened. The British pound weakened 0.37 percent, the Swiss franc minus 0.38 percent, the European euro minus 0.22 percent, the Australian dollar minus 0.08 percent and the Canadian dollar minus 0.13 percent.

DCFX Futures analyst Lukman Leong said the weakening of the rupiah occurred due to negative sentiment from investors on the rupiah by the inflation outlook and BI interest rates going forward.

According to him, the market suspects that BI will not carry out monetary policy, namely aggressively raising the benchmark interest rate because inflation is still under control.

Even so, Lukman sees BI will even raise interest rates again in order to suppress the current weakening of the rupiah.

"With the significant weakening of the rupiah, I see an opportunity for BI to raise at least 50 bps at tomorrow's meeting and there is the possibility of carrying out pre-emptives with a larger increase of 75 bps to ease pressure on the rupiah," he said

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