Rupiah Rises to IDR 14,875 per US Dollar This Afternoon

Jakarta, Armfalcon.com —

Exchange rate rupiah closed higher at the level of IDR 14,875 per US dollar on Tuesday (23/5) afternoon. Garuda’s currency strengthened 15 points or 0.10 percent from the previous trade.

Meanwhile, the Bank Indonesia (BI) Jakarta Interbank Spot Dollar Rate (Jisdor) reference rate put the rupiah strengthening to the position of IDR 14,878 per US dollar in today’s trading.

The majority of currencies in the Asian region are observed to vary. The Malaysian ringgit fell 0.40 percent, the South Korean won rose 0.45 percent, the Chinese yuan weakened 0.28 percent, the Singapore dollar strengthened 0.09 percent, the Philippine peso rose 0.18 percent, and the Hong Kong dollar fell 0.06 percent.

Developed country currencies are observed to weaken. Noted, the European euro weakened 0.14 percent, the Australian dollar weakened 0.24 percent, the Swiss franc weakened 0.21 percent, and the British pound weakened 0.29 percent.

DCFX Futures analyst Lukman Leong said the rupiah strengthened slightly due to the increase in US bond yields by the statement hawkish several Fed officials.

Domestically, inflation in Indonesia, which is not far from the government’s target of 2 to 4 percent, has fueled expectations that BI will be able to cut interest rates.

“Investors are back after SBN and yields on Indonesian 10-year bonds have dropped quite a lot,” he told Armfalcon.com.com.

[Gambas:Video CNN]

(fby/sfr)