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The US dollar is bearish, the rupiah is strong this week

ILLUSTRATION. The rupiah closed higher at Rp 14,735 per US dollar today

Reporter: Hikma Dirgantara | Editor: Anna Suci Perwitasari

KONTAN.CO.ID – JAKARTA. The rupiah has the potential to continue this week’s positive trend in trading next week. As is known, today the rupiah was closed to have strengthened 0.66% to a level of Rp 14,735 per US dollar (US).

This also caused the rupiah to appreciate 1.04% in the past week.

Quarter three money, good performance of the rupiah also occurred in the middle rate of Bank Indonesia (BI). The Garuda currency managed to strengthen 0.74% to IDR 14,768 per US dollar. Meanwhile, if calculated in a week, the rupiah has strengthened 1.41%.

Global Kapital Investama analyst Alwi Assegaf said there were several factors that influenced the movement of the rupiah this week, both external and internal.

Also Read: The US dollar is under pressure, the rupiah exchange rate is good this week

From externals, this came after several world central banks held meetings and revealed their monetary policies. Like the Federal Reserve, Bank of Japan and Bank of England that sounded the tone dovish.

“The Fed’s stance on keeping interest rates low until 2023 has hit US dollar sentiment, bringing benefits to the rupiah. The US dollar is also under pressure because of its prestige as safe haven fading amid the positive development of the corona virus vaccine which is likely to be produced later this year, “Alwi told Kontan.co.id, Friday (18/9).

Meanwhile, internally, there is sentiment from the decision of Bank Indonesia (BI) to keep interest rates at 4%, as well as trade balance data which experienced a surplus of US $ 2.33 billion. These two sentiments become separate ammunition for the strengthening of the rupiah.

“The prospect will still benefit from the rupiah bearish US dollar and vaccine developments. Meanwhile, from the technical side, we see confirmation bearish for USD / IDR after the price breaks the support of IDR 14,790 per US dollar, ”added Alwi.

He also estimated that the rupiah would be traded in the range of Rp. 14,600 – Rp. 14,800 per US dollar in the next week.

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Reporter: Hikma Dirgantara
Editor: Anna Suci Perwitasari

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