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 Monday, July 7.
Ariston said that the movement of the rupiah exchange rate has the potential to weaken against the US dollar after last weekend, President Trump warned about the implementation of new tariffs to countries that have not negotiated with the US.
"The high US rate will be a scourge for trade and the global economy. For countries where the traditional US exporter market will find it difficult to find new markets," he told VOI, Monday, July 7.
In addition, Ariston said that from abroad, tensions in the Middle East returned to high after Israel carried out another attack on Yemen and this also increased market reluctance to enter risky assets.
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According to him, domestic market sentiment, global economic turmoil is still suppressing manufacturing activities that are still contracting like the previous month, even deeper. This can also be a negative sentiment for the rupiah.
He conveyed that the movement of the rupiah on Monday, July 7 has the potential to weaken to the level of Rp. 16,250 per US dollar, with support in the range of Rp. 16,200 per US dollar.
For information citing Bloomberg, on Friday, July 4, the rupiah spot exchange rate closed higher by 0.06 percent to the level of Rp. 16,185 per US dollar. Meanwhile, the Jakarta Interbank Spot Dollar Rate (Jisdor) exchange rate of Bank Indonesia (BI), closed up 0.03 percent to a price level of Rp. 16,204 per US dollar.
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