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Indonesian Rupiah Hits Rp16,000 per US Dollar: What are the Impacts?

Adi Ahdiat 16/04/2024 13:12 WIB

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According to Yahoo Finance data, as of 12:30 WIB on Wednesday, April 16, 2024, the Indonesian Rupiah reached a rate of Rp16,153 per US dollar, the highest in the past year. Consequently, imported goo

US Dollar Exchange Rate against Rupiah (April 17, 2023 - April 16, 2024)*

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US Dollar Exchange Rate against Rupiah (April 17, 2023 - April 16, 2024)*

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Based on Yahoo Finance data, as of 12:30 WIB (Western Indonesian Time) on Wednesday, April 16, 2024, the exchange rate reached Rp16,153 per US dollar (US$).

This value represents a 9.9% year-on-year increase, marking a record high for the past year.

The strengthening US dollar against the Indonesian rupiah could have significant impacts on the Indonesian economy.

According to Bambang S. Brodjonegoro, former Minister of Finance (2014-2016), the main impact is that imported goods will become more expensive, potentially exceeding the value of national exports.

This situation, where the value of imports is higher than exports, is known as a current account deficit.

"For Indonesia, the main concern stemming from the strengthening US dollar is the possibility of a widening current account deficit," said Bambang, as reported by *Katadata* on Monday, April 15, 2024.

"The trade surplus will become thinner, and the deficit in the services balance may widen," he added.

Meanwhile, Myrdal Gunarto, an economist at Maybank Indonesia's Global Markets division, attributes the rupiah's weakening against the US dollar to influences from foreign exchange (forex) markets abroad.

"The rupiah's weakening against the US dollar, which has now surpassed Rp16,000, could be due to transaction mechanisms in overseas markets, such as the Singapore non-deliverable forward (NDF) market," said Myrdal, as reported by *Katadata* on Monday, April 15, 2024.

Myrdal also notes that fundamentally, the demand for US dollars in Indonesia tends to increase due to the need for importing fuel and food.

Editor : Adi Ahdiat

"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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Indonesian Rupiah Hits Rp16,000 per US Dollar: What are the Impacts?

Indonesian Rupiah Hits Rp16,000 per US Dollar: What are the Impacts?

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