Observing the Fluctuation of the US Dollar Exchange Rate against the Rupiah (2017-2023)

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Erlina Fury Santika 21/06/2023 19:25 WIB

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The average exchange rate of the United States dollar (US$) against the Indonesian rupiah has been fluctuating. However, it has often weakened compared to the 2017 average, which frequently held stead

Average US Dollar Exchange Rate against Rupiah per Month (2017-2023)*

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Average US Dollar Exchange Rate against Rupiah per Month (2017-2023)*

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The average exchange rate of the United States dollar (US$) against the Indonesian rupiah (IDR) fluctuated from 2017 to 2023.

Data from Bank Indonesia, processed by the Ministry of Trade, shows that the exchange rate for the last two years has significantly weakened compared to 2017, when it remained around Rp13,000 per US$ per month.

The graph shows that the average exchange rate for the last two years has been in the range of Rp14,000-Rp15,700 per month.

Over the six-year period, the US dollar exchange rate against the rupiah once reached Rp16,400 per US$. This drastic weakening occurred in March 2020, at the beginning of the Covid-19 pandemic, when restrictions on activities affected the country's economic activity.

The exchange rate of foreign currencies against the rupiah, or vice versa, is influenced by several factors and fluctuates daily.

As of Tuesday (June 20, 2023), the rupiah exchange rate against the US dollar reached Rp15,033 per US$. This correction in the rupiah's exchange rate occurred after the People's Bank of China (PBoC) cut its lending rate, signaling signs of economic slowdown in the country, according to money market analyst Lukman Leong.

In addition to China, pressure on the rupiah could also come from rising US Treasury yields due to concerns that the US Federal Reserve (The Fed) will further raise interest rates. Most markets expect a rate hike at next month's meeting after it was held steady last week.

Ariston Tjendra, an analyst at PT Sinarmas Futures, also sees the economic slowdown in China and Europe as a major concern for the market recently. Furthermore, the Fed's hawkish stance on interest rates will also put pressure on the rupiah.

In the latest update on Wednesday (June 21, 2023), the rupiah strengthened against the dollar to Rp14,953 per US$.

(See also: US Inflation Eases, The Fed Holds Interest Rates in June 2023)

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Observing the Fluctuation of the US Dollar Exchange Rate against the Rupiah (2017-2023)

Observing the Fluctuation of the US Dollar Exchange Rate against the Rupiah (2017-2023)

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Observing the Fluctuation of the US Dollar Exchange Rate against the Rupiah (2017-2023)

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