After The Long Holiday, Rupiah Potentially Reaches IDR 16,450 Level

Illustration (Photo: Doc. ANTARA)

JAKARTA - The movement of the rupiah exchange rate is estimated to still have the potential to weaken and will reach the level of Rp. 16,450 per US dollar.

Financial Market Observer and Commodity Ariston Tjendra said that the movement of the rupiah has the opportunity to weaken against the US dollar after successfully breaking above the level of Rp. 16,300.

According to Ariston, market participants are still looking after the attitude of the Fed, which is not in a hurry to cut its benchmark interest rate and only projects one cut in 2024.

"The Fed is also still opening up opportunities for an increase in the benchmark interest rate if US inflation rises again," he told VOI, Wednesday, June 19.

On the other hand, Ariston said, the positive movement of the Asian stock index this morning indicated market interest in assets at risk of being positive and this could contain the weakening of the rupiah as well as against the US dollar.

"This morning, Indonesia's trade balance data will be released. Surplus data may be able to withstand the weakening of the rupiah," he said.

Ariston estimates that the movement of the rupiah on Wednesday, June 19 has the potential to weaken towards Rp16,450 with potential support in the range of Rp16,350.

Quoting Bloomberg, the Rupiah exchange rate on Friday, June 14, 2024, the rupiah spot exchange rate was closed down 0.89 percent to the level of Rp. 16,412 per US dollar.

Similarly, the Jakarta Interbank Spot Dollar Rate (Jisdor) exchange rate of Bank Indonesia (BI) closed down 0.54 percent to a price level of IDR 16,374 per US dollar.