Rupiah Potential to Move Consolidation This Week

Rupiah (Photo: Antara)

JAKARTA - Financial Market and Commodity Observer Ariston Tjendra said that the rupiah movement has the potential to consolidate against the United States (US) dollar on Monday, January 6.

Ariston said that the US dollar index on the US dollar index is still seen near the highest level in 2 years, around 108.93.

According to Ariston, the market is still anticipating the US dollar strengthening sentiment carried over from last year such as Trump's protective economic policy, war, the Fed reducing cuts, China's economic slowdown, etc.

"Therefore, the rupiah seems to still be able to get pressure from the US dollar today," he told VOI, Monday, January 6.

Ariston said that this week market players will get new economic data from the US such as PMI data and labor data to confirm the Fed's next policy.

According to Ariston, these data could be a new driver of the US Dollar this week. Therefore, he estimates that the movement of the rupiah on Monday, January 6, has the potential to consolidate to the level of Rp16,100 per US dollar to Rp16,250 per US dollar.

Quoting Bloomberg, the Rupiah exchange rate on Friday, January 3, 2024, the Rupiah exchange rate on the spot market closed up 0.01 percent at IDR 16,197 per US dollar. Meanwhile, the Rupiah exchange rate at the Jakarta Interbank Spot Dollar Rate (Jisdor) Bank Indonesia (BI) closed up 0.12 percent to IDR 16,217 per US dollar.

JAKARTA - Financial and Commodity Market Observer Ariston Tjendra said that the Rupiah's movement has the potential to consolidate against the United States (US) dollar on Monday, January 6.

Ariston said that the US Dollar Index on the US Dollar Index was still seen near its highest level in 2 years, around 108.93.

According to Ariston, the market is still anticipating the US dollar strengthening sentiment carried over from last year such as Trump's protective economic policies, war, the Fed reducing cuts, China's economic slowdown, etc.

"Therefore, the Rupiah still seems to be under pressure from the US dollar today," he told VOI, Monday, January 6.

Ariston said that this week market players will get new economic data from the US such as PMI data and labor data to confirm the Fed's next policy.

According to Ariston, these data could be new drivers of the US Dollar this week. Therefore, he estimated that the rupiah movement on Monday, January 6, has the potential to consolidate to a level of IDR 16,100 per US dollar to IDR 16,250 per US dollar.

Quoting Bloomberg, the Rupiah exchange rate on Friday, January 3, 2024, the Rupiah exchange rate on the spot market closed up 0.01 percent at IDR 16,197 per US dollar. Meanwhile, the rupiah exchange rate at the Jakarta Interbank Spot Dollar Rate (Jisdor) Bank Indonesia (BI) closed up 0.12 percent to a price level of IDR 16,217 per US dollar.