Jerome Powell’s Statement Presses Rupiah to Rp14,688

Jakarta, CNN Indonesia

Rupiah exchange rate is in the position of Rp. 14,688 per dollars AS in spot market trading on Wednesday (18/5) afternoon. The rupiah weakened 44 points or 0.3 percent from Rp14,644 per US dollar on Tuesday (17/5).

Meanwhile, the reference rate of Bank Indonesia (BI), the Jakarta Interbank Spot Dollar Rate (Jisdor) placed the rupiah at Rp. 14,682 per US dollar or weakened from Rp. 14,651 per US dollar on Tuesday.

The rupiah was in the red along with the majority of other Asian currencies, such as the Thai baht which weakened 0.21 percent, the Chinese yuan minus 0.13 percent, the Malaysian ringgit minus 0.13 percent, the Singapore dollar minus 0.09 percent, and the Philippine peso minus 0.13 percent. 0.04 percent.

However, the South Korean won strengthened 0.65 percent, the Japanese yen 0.09 percent, and the Indian rupee 0.01 percent. Meanwhile, the Hong Kong dollar was stagnant from the US dollar.

Likewise with the major currencies of developed countries, the majority weakened from the US dollar. Only the Russian ruble strengthened 0.76 percent.

The rest, the British pound weakened 0.72 percent, the Swiss franc minus 0.38 percent, the European euro minus 0.38 percent, the Canadian dollar minus 0.31 percent, and the Australian dollar minus 0.18 percent.

[Gambas:Video CNN]

DC Futures Senior Analyst Lukman Leong said the weakening of the rupiah was due to the announcement by The Federal Reserve Governor Jerome Powell about the plan to raise the US central bank’s benchmark interest rate again.

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“The sentiment is more because of Powell’s commitment to raising interest rates,” Lukman told CNNIndonesia.com.

He said that the rupiah was actually still receiving positive sentiment from the surplus in Indonesia’s trade balance which reached US$7.56 billion. But the sentiment is still less strong than the issue of the Fed’s benchmark interest rate hike.

(uli / agt)

[Gambas:Video CNN]


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