Bank Woori analyst, Brother BWS Rully Nova, stated that the strengthening of the rupiah was influenced by the expectations of Indonesia's strong economic growth, thus providing space for Indonesia's currencies to strengthen in the future.
"Indonesia's economic growth is estimated at 5.2 percent in 2023," he said, quoted from ANTARA, Thursday, November 2.
In the second quarter of 2023, the Central Statistics Agency (BPS) noted that Indonesia's economic growth was at 5.17 percent on an annual basis (year on year/yoy).
The amount of gross domestic product (GDP) at current prices was recorded at IDR 5,226.7 trillion, while GDP at constant prices reached IDR 3,075.7 trillion.
Governor of Bank Indonesia (BI) Perry Warjiyo estimates that Indonesia's economy will grow to reach around 4.7-5.5 percent yoy by the end of 2023, which mainly comes from domestic consumption.
The external sentiment that affects the strengthening of the rupiah is the Federal Reserve (The Fed) decision to hold the benchmark interest rate at the level of 5.25-5.50 percent.
"Today's rupiah exchange rate is predicted to strengthen against the US dollar (United States) of IDR 15,880-IDR 15,930 in the narrow range, influenced by external factors The Fed's decision to hold interest rates, but the US dollar index is still increasing. The US dollar index is still on an increasing trend because it is still considered a safe haven," said Rully.
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The Fed's decision to hold interest rates is expected to lower the yield of US government bonds and US dollar index, so that funds that had left the country could enter the Indonesian financial market.
Therefore, the rupiah exchange rate remains strong despite an increase in the US dollar index.
The rupiah exchange rate transacted between banks in Jakarta on Thursday morning strengthened by 0.39 percent or 62 points to Rp15,874 per US dollar from the previous Rp15,936 per US dollar.
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