Iran-Israel Conflict Is Still Hot, Rupiah Touched IDR 16,273 Per US Dollar

Rupiah Dollar (Photo: intermediate)

JAKARTA - The Rupiah exchange rate against the United States dollar is still weakening. The reason is, today's trading was at Rp. 16,273 per US dollar.

Citing data from Blomberg, April 17 at 11.20 WIB, the Rupiah exchange rate fell by Rp53.5 or 0.33 percent to Rp16,229 per US dollar. However, the weakest position today was Rp16,273 per US dollar.

Financial Market Observer and Commodity Ariston Tjendra said that the movement of the rupiah exchange rate has the potential to weaken against the US dollar, as seen from the US dollar index this morning, it can be seen that it is still at a high level above the 106 range.

According to Ariston, the survival of the dollar's strengthening is still coming from the Middle East conflict which is heating up plus US inflation is still above 2 percent, so it is suspected that the postponement of the US benchmark interest rate has re-emerged.

"The resilience of dollar strengthening, in addition to the heated Middle East conflict, was also due to US Central Bank Governor Jerome Powell's statement last night that US inflation still has not seen any significant progress to go down to a 2 percent target," he explained in his statement, Wednesday, April 17.

According to Ariston, the market could conclude that the Fed would delay its cutting policy.

In addition, Ariston said that the pressure on the US dollar on the rupiah may also occur today.

On the other hand, Ariston said this also made the price of gold still have the potential to increase or at least move at a high level due to the Middle East conflict that is heating up.

"But the issue of delayed US interest rates can withstand the strengthening of the gold price assessed in the dollar," he said.

Ariston estimates that the movement of the rupiah on Wednesday, April 17, 2024, has the potential to weaken towards Rp16,200-Rp16,250 with potential support in the range of Rp16,100.