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The Rupiah Strengthened 1.58% Against the US Dollar in a Week

The Rupiah Strengthened 1.58% Against the US Dollar in a Week

Andrianus.my.id - Indonesia. The spot rupiah exchange rate strengthened 0.88% to a level of IDR 15,425 per United States (US) dollar on Friday (2/12). Within a week, the rupiah exchange rate strengthened 1.58% from Rp. 15,673 at the close of Friday last week.

Meanwhile, the Jisdor rupiah exchange rate strengthened 1.20% yesterday to IDR 15,429 per US dollar. Within a week, the Jisdor rupiah exchange rate strengthened 1.52%.

Bank Mandiri economist Reny Eka Putri said the strengthening of the rupiah was driven by the Fed's statement regarding its benchmark interest rate. The US central bank indicated a moderate increase in the benchmark interest rate. 

This is in line with inflation expectations that began to decline. The Fed's statement eased pressure on the market, thereby eroding US treasury yields

The release of lower domestic inflation also served as a positive sentiment for the rupiah. "This condition reflects the government's success in controlling food prices and reducing inflation expectations which are feared to increase in the future," said Reny when contacted by Kontan.co.id, Friday (2/12). 

For information, Consumer Price Index (CPI) inflation in November 2022 was 5.42% year on year (YoY). This figure is lower than the previous month's inflation which reached 5.71% YoY. 

DCFX Futures analyst Lukman Leong added that the positive sentiment for the rupiah also came from expectations of an easing of the zero-covid policy in China. If this happens, it will increase energy demand from the country which will benefit Indonesia as an exporter of energy commodities. 

HFX International Futures Commissioner President Sutopo Widodo said the market was also anticipating US non-farm payroll data for November 2022. Thanks to the strengthening rupiah, the dollar index is nearing 16-week lows, namely below 105.

For next week, all three predict the rupiah will continue to strengthen. "Investors will look forward to data on Indonesia's foreign exchange reserves, consumer confidence index and retail sales," said Lukman.

Sutopo estimates that the rupiah will move in the range of Rp. 15,300 per US dollar-Rp. 15,500 per US dollar next week. Meanwhile, Reny's estimate is at Rp. 15,315 per US dollar-Rp. 15,525 and Lukman's is at Rp. 15,300 per US dollar-Rp. 15,700 per US dollar.

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