JAKARTA - The weakening of the rupiah exchange rate after the announcement of the reciprocal rate of US President Donald Trump is a broader impact of global trade tensions.
According to HFX International Futures President Commissioner Sutopo Widodo, the tariff of 32 percent of Indonesian goods entering the US has raised concerns about Indonesia's trade surplus and export competitiveness, which leads to pressure on the rupiah.
"This has caused pressure on the rupiah which has recently weakened to reach Rp. 16,772 per US dollar," he told VOI, Tuesday, April 8.
Sutopo said Bank Indonesia was committed to stabilizing the rupiah exchange rate by intervening in the spot market and ensuring adequate foreign exchange liquidity.
However, Sutopo conveyed that this situation was important for Indonesia to diversify the export market and strengthen the domestic industry to reduce the impact of the policy.
Sutopo conveyed that the inadequacy of the economic team and policies that had not yet produced results also affected the attractiveness of the rupiah, making it an uninteresting currency in the international market.
"The economic team that looks less solid and economic policies that have not been seen have brought Rupiah as an uninteresting currency," he said.
Meanwhile, Sutopo said that although the US dollar weakened last Monday, investors continue to assess the impact of President Donald Trump's trade war on inflation and global economic growth, with the dollar weakening against yen, francs and euros, but strengthening against anti-podean currencies.
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Sutopo estimates that the rupiah exchange rate against the US dollar on Tuesday, April 8, will move in the range of Rp. 16,950 per US dollar to Rp. 17,050 per US dollar.
To note, citing Bloomberg, the rupiah exchange rate on Monday, April 7, the rupiah spot exchange rate closed down 1 percent to the level of Rp. 16,822 per US dollar compared to last weekend.
Meanwhile, on Thursday, March 27, the Jakarta Interbank Spot Dollar Rate (Jisdor) closed down 0.13 percent to a price level of IDR 16,622 per US dollar compared to the previous day.
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