JAKARTA - Financial Market Observer and Commodity Ariston Tjendra said that the movement of the rupiah has the potential to weaken against the United States (US) dollar on Friday, May 2.
Ariston said financial market sentiment this morning seemed to improve with the positive movement of the regional stock index this morning.
"Finally, there is a signal that the Chinese government is open to the tariff negotiation process with the US. This is certainly positive news for the financial market," he told VOI, Friday, May 2.
According to him, the movement of the rupiah has the opportunity to strengthen again against the US dollar with the potential for strengthening to the area of Rp. 16,550, with the potential for resistance in the range of Rp. 16,630.
On the other hand, the projected slowdown in Indonesia's economic growth from international institutions such as the IMF and the World Bank, as well as the contraction in Indonesia's manufacturing index in April 2025 according to S&P, could provide negative sentiment to the rupiah.
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He said that if the pressure on the movement of the rupiah on Friday, May 2, had not disappeared due to tariff concerns, the rupiah could potentially weaken towards the level of Rp. 16,700 per US dollar.
Quoting Bloomberg, on Wednesday, April 30, the rupiah spot exchange rate was closed up 0.16 percent to the level of Rp. 16,577 per US dollar. Meanwhile, the Jakarta Interbank Spot Dollar Rate (Jisdor) of Bank Indonesia (BI) closed higher by 0.64 percent to a price level of Rp. 16,679 per dollar.
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