JAKARTA - Financial Market Observer and Commodity Ariston Tjendra said that the movement of the rupiah has the potential to strengthen against the United States (US) dollar on Monday, February 24.
Ariston said the US dollar index earlier this morning was seen moving down, currently in the range of 106.26, lower than the previous morning in the range of 106.50.
According to him, US economic data such as consumer confidence levels in February and retail data on the sale of an existing home in January released Friday evening put pressure on the US dollar as data released was lower than market expectations and previous results.
"This provides a perception to the market that the US economy is under pressure," he told VOI, Monday, February 24.
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In addition, Ariston conveyed that President Trump's tariff increase policy, which was still tug-of-war, made market participants release their previous position in anticipation of Trump's tariff increase policy, putting pressure on the US dollar.
He estimates that the movement of the rupiah on Monday, February 24, has the potential to strengthen against the US dollar towards the level of Rp. 16,220 per US dollar with the potential for resistance to the level of Rp. 16,300 per US dollar.
Quoting Bloomberg, the Rupiah exchange rate on Friday, February 21, 2025, the rupiah exchange rate in the spot market closed higher by 0.15 percent at the level of Rp. 16,314 per US dollar. Meanwhile, the Jakarta Interbank Spot Dollar Rate (Jisdor) exchange rate of Bank Indonesia (BI) closed up 0.26 percent to a price level of Rp. 16,300 per US dollar.
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