BANDUNG - The rupiah exchange rate in trading Friday, November 8, 2024 is expected to move higher against the United States (US) dollar.
Quoting Bloomberg, the Rupiah exchange rate on Thursday, November 7, 2024, the rupiah exchange rate on the spot market closed up 0.59 percent at the level of Rp. 15,740 per US dollar.
Meanwhile, the Jakarta Interbank Spot Dollar Rate (Jisdor) exchange rate of Bank Indonesia (BI) closed up 0.46 percent to a price level of IDR 15,767 per US dollar.
Director of PT Profit Forexindo Berjangka Ibrahim Assuaibi said investors were looking forward to the results of the Fed meeting to get more signs about interest rates.
The Fed is widely expected to cut interest rates by 25 basis points.
"But his prospects for interest rates remain uncertain in facing Trump's presidency and rising inflation recently," he said in a statement, quoted Friday, November 8.
Meanwhile, from within the country, Ibrahim explained that Bank Indonesia (BI) reported that the position of Indonesia's foreign exchange reserves at the end of October 2024 was recorded at 151.2 billion US dollars, an increase compared to the position at the end of September 2024 of 149.9 billion US dollars.
The increase in the position of foreign exchange reserves, among others, came from tax and service receipts as well as the withdrawal of government foreign loans.
The position of foreign exchange reserves at the end of October 2024 is equivalent to financing 6.6 months of imports or 6.4 months of imports and payment of government foreign debt, and is above the international adequacy standard of about 3 months of imports.
Bank Indonesia assesses that foreign exchange reserves are able to support the resilience of the external sector and maintain macroeconomic and financial system stability.
In the future, Bank Indonesia views adequate foreign exchange reserves to support the resilience of the external sector.
The export prospects that remain positive as well as the balance of capital and financial transactions that are predicted to continue to record a surplus are in line with investor positive perceptions of the national economic outlook and attractive investment returns, supporting maintained external resilience.
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Bank Indonesia also continues to strengthen synergies with the government in strengthening external resilience in order to maintain economic stability in order to support sustainable economic growth.
Ibrahim estimates that the rupiah will fluctuate but close higher in trading Friday, November 8, 2024, in the price range of IDR 15,640-IDR 15,750 per US dollar.
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