Rupiah Potentially Continues Weakening, Post US Inflation Data Release

JAKARTA - The rupiah exchange rate in trading Friday, October 11, 2024 is expected to weaken against the United States (US) dollar.

Financial Market and Commodity Observer Ariston Tjendra said that data on US consumer inflation in September released last night showed difficult US consumer inflation fell.

"The year on year consumer inflation data has indeed decreased compared to the previous month's 2.4 percent vs 2.5 percent, the lowest since 3.5 years, but overall the results are still above market expectations," he told VOI, Friday, October 11.

In addition, Ariston said this lowered expectations for the continuation of the US benchmark interest rate cuts and triggered the strengthening of the US dollar again.

In addition, the US dollar index this morning is still in the same range as last morning above 102.80 an.

Meanwhile, Ariston saw market sentiment towards the risk look positive this morning. Asian stock index in the green area.

Ariston estimates that the movement of the rupiah on Friday, October 11 has the potential to weaken against the US dollar towards Rp15,700-Rp15,730 with potential support in the range of Rp15,630-Rp15,650.

Quoting Bloomberg, the Rupiah exchange rate on Thursday, October 10, 2024, the rupiah spot exchange rate closed down 0.31 percent to the level of Rp15,678 per US dollar. Similarly, the Jakarta Interbank Spot Dollar Rate (Jisdor) exchange rate of Bank Indonesia (BI) closed lower by 0.33 percent to a price level of Rp15,658 per US dollar.