Fitch Rating Decision Has No Impact on Rupiah

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21/12/2017 13:53 WIB

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Rise/Fall of Asian Currencies Against the US Dollar (December 31, 2016 - December 21, 2017)

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Fitch Ratings' decision to upgrade Indonesia's sovereign debt rating one level to BBB with a stable outlook had little impact on the rupiah. According to Bloomberg data, the rupiah exchange rate strengthened by only 20 points (0.14 percent) to Rp 13,559 per US dollar as of 11:53 WIB on Thursday (December 21st).

The rupiah weakened by 0.63 percent against the US dollar between December 31, 2016, and December 21, 2017. As a result, the Indonesian currency, along with the Philippine peso and the Hong Kong dollar, weakened against the US dollar throughout 2017. Meanwhile, the South Korean won recorded the strongest appreciation against the US dollar among other Asian currencies.

The Indonesian debt rating upgrade was met with a positive response from investors on the stock exchange. The Jakarta Composite Index (IHSG) rose 62.34 points (1.02 percent) to 6,171.82 in the first session today and has the potential to set a new record high. The IHSG had experienced a 58-point correction the previous trading day due to profit-taking by investors.

"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."