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 Thursday, May 8.
Ariston revealed that the market may respond to the results of the Fed's meeting this morning where the Fed gave a signal that it would not relax monetary policy in the near future.
"This signal tends to encourage the strengthening of the US dollar," he told VOI, Friday, May 2.
Ariston conveyed that the Fed's stance was based on uncertainty in the US economy due to the tariff increase policy.
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According to him, the Fed wants to ascertain how big the impact of Trump's tariff policy will be on the US economy, which is suspected of driving price increases or inflation, or it could also reduce purchasing power.
He conveyed that the movement of the rupiah on Thursday, May 8, has the potential to weaken to the level of Rp. 16,580 per US dollar, with support in the range of Rp. 16,480 per US dollar.
Quoting Bloomberg, on Wednesday, May 7, the rupiah spot exchange rate closed down 0.53 percent to the level of Rp. 16,536 per US dollar. Meanwhile, the Jakarta Interbank Spot Dollar Rate (Jisdor) exchange rate of Bank Indonesia (BI) closed down 0.37 percent to a price level of Rp. 16,533 per US dollar.
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