Rupiah Weakens to Lowest Level in 20 Years

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31/08/2018 15:38 WIB

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Improved US economic data, such as GDP growth exceeding expectations and declining unemployment, has fueled speculation that the Federal Reserve will raise interest rates again.

Indonesian Rupiah Exchange Rate Against the US Dollar (July 14, 1998 - August 31, 2018)

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Rupiah Weakens to Lowest Level in 20 Years

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Indonesian Rupiah Exchange Rate Against the US Dollar (July 14, 1998 - August 31, 2018)

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The Indonesian Rupiah's exchange rate against the US dollar has fallen to its lowest level since July 14, 1998. According to Bloomberg data, the Rupiah in the spot market was traded at Rp 14,710 per US dollar, weakening by 0.2% compared to the previous day's closing and depreciating by 7.85% from its year-end position of Rp 13,555 per US dollar.

Improved US economic data, such as the Gross Domestic Product (GDP) growth of 4.2% in Q2 2018 and a decline in unemployment claims, has fueled speculation in the global financial market that the US Federal Reserve (The Fed) will raise its benchmark interest rate again at the FOMC meeting on September 25-26. As a result, investors are once again seeking assets in US dollars and divesting from assets in currencies considered risky, such as the Rupiah and other emerging market currencies.

The Rupiah still has the potential to weaken further, approaching the Rp 15,000 per US dollar level. This is reflected in the Rupiah's exchange rate for the next month's contract, traded at Rp 15,070 per US dollar. For the next three months' contract, the Rupiah's exchange rate is traded at Rp 15,288 per US dollar.

(Read Databoks: Not Only the Rupiah, World Currencies Also Weaken Against the US Dollar)

"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."