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Rupiah Weakening Predicted to Continue: A History Since the Beginning of 2024
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Bank Indonesia (BI) data shows that the Indonesian Rupiah (IDR) closed at 15,672 per United States dollar (USD) on Monday, March 18, 2024.
This value is down from 15,624 per USD on Friday, March 15, 2024, and continues a decline that began on Thursday, March 7, 2024, when the rate was 15,658 per USD.
Since the start of the year, the Rupiah reached its strongest level of 15,473 on Tuesday, January 2, 2024.
Lukman Leong, a money market analyst, stated that the US dollar is expected to strengthen as investors anticipate this week's meeting of the US Federal Reserve (The Fed), as quoted by *Katadata*.
"And anticipate the possibility that the US central bank, The Fed, will adopt a hawkish stance following several strong recent economic data," Lukman told *Katadata* on Monday, March 18, 2024.
Lukman predicts the Rupiah will trade in the range of 15,550-15,700 per USD.
Similarly, Ariston Tjendra, a money market observer, believes the Rupiah is still likely to weaken against the USD today. This is driven by negative sentiment from the rise in US inflation last week.
The latest CME FedWatch Tool survey on the probability of a cut in the US benchmark interest rate also shows an increased probability that interest rates will remain unchanged in the first half of the year.
"The expectation that US benchmark interest rates will remain high is driving the strengthening of the US dollar," said Ariston. The Fed will hold its meeting this week and announce its decision on Thursday, March 21, 2024.
"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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