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12:08 WIB
10:48 WIB
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Bisnis.comJAKARTA — Rupiah exchange rate Today tends to be overshadowed by a surge in the US dollar ahead of a speech by officials from the Federal Reserve (The Fed) who will offer direction on the benchmark interest rate policy.
The US dollar strengthened in trading Wednesday (8/11/2023) local time, and appeared to recover from last week’s sharp sell-off due to increasing confidence that The Fed has ended interest rate increases. However, there is still little agreement on whether a rate cut is imminent as inflation remains above the US central bank’s 2% target.
Forexindo Berjangka Profit Director Ibrahim Assuaibi said that the rupiah exchange rate today is predicted to fluctuate but has the opportunity to close lower in the range of IDR 15,630- IDR 15,700 per dollar AS.
Fed officials still project high interest rates, especially following the data nonfarm payrolls Weaker-than-expected US in October 2023.
Fed officials noted that inflation remains too high, and interest rates have the potential to rise further in the coming months. According to him, even if the Fed pauses, it is expected to start cutting interest rates in mid-2024.
“The central bank has signaled that US interest rates will remain higher for a longer time, most likely remaining above 5% until the end of 2024,” said Ibrahim in research, quoted Thursday (9/11/2023).
The CME FedWatch indicator suggests a 15% probability of another rate hike in January 2024 and a 22% probability of a rate cut in March 2024.
On the other hand, data on Tuesday (8/11/2023) showed that China’s exports fell more than expected, while the Bamboo Curtain country’s trade balance shrank to its lowest level in 17 months in October 2023. The market focus is currently focused on China’s inflation data , which will be released on Thursday (9/11/2023).
From domestic sentiment, Bank Indonesia (BI) has raised its benchmark interest rate by 25 bps to 6%. This increase in interest rates will have an impact on various sectors ranging from property, insurance, to credit distributed by banks.
According to Ibrahim, BI took action pre-emptive and forward looking amidst global instability. BI wants to support the stability of the rupiah value amidst high volatility.
This high volatility is reflected in the numbers yield United States (US) bonds are currently at the 5% level, the highest since 2007 so BI can no longer hold interest rates.
Check out today’s rupiah exchange rate movements live.
12:08 WIB
The Rupiah strengthened IDR 15,642
The Rupiah strengthened 0.05% or 8 points to IDR 15,642 per US dollar at 12.00 WIB.
The US dollar index, which measures the strength of the greenback, was observed to weaken 0.07% or 0.07 points to 105.52.
10:48 WIB
The Rupiah rebounded to Rp. 15,643
The Rupiah rebounded by 0.04% or 7 points to IDR 15,643 per US dollar at 10.40 WIB.
The US dollar index, which measures the strength of the greenback, weakened 0.05% or 0.05 points to 105.54.
09:03 WIB
The Rupiah opened stagnant at IDR 15,649
The rupiah opened stagnant 0.00% or 0.50 points to IDR 15,649 per US dollar at the start of trading today.
On the other hand, the US dollar index which measures the strength of the greenback fell 0.11% or 0.12 points to 105.48.
2023-11-09 05:11:45
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