Rupiah Leads Asian Currency Gains in Early November 2018

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07/11/2018 18:59 WIB

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The Indonesian Rupiah strengthened by 2.7% to Rp 14,804 per US dollar as of November 6, 2018, compared to its end-October level.

Asian Currency Appreciation (October 31 - November 6, 2018)

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Rupiah Leads Asian Currency Gains in Early November 2018

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Asian Currency Appreciation (October 31 - November 6, 2018)

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The Indonesian Rupiah led the strengthening of Asian currencies against the US dollar. The Rupiah's strengthening was supported by positive external and domestic sentiments. Globally, the depreciation of the US dollar against major world currencies and optimism surrounding the meeting between US President Donald Trump and Chinese President Xi Jinping fueled the Rupiah's strengthening from the beginning of this month.

Domestically, the implementation of the Domestic Non-Deliverable Forward (DNDF) starting November 1, 2018, and Indonesia's continued economic growth of 5% acted as positive catalysts for the Rupiah's strengthening to below Rp 15,000/US dollar. Morgan Stanley's overweight outlook on the Indonesian equity market in 2019 further encouraged the inflow of foreign funds into the domestic financial market, contributing to the Rupiah's strengthening.

According to Bloomberg data, the Rupiah exchange rate strengthened by 2.7% to Rp 14,804 per US dollar by November 6, 2018, compared to its position at the end of October. This strengthening was the largest among other Asian currencies, as shown in the graph below. On Wednesday (November 7), the exchange rate even strengthened by Rp 214 (1.45%) to 14,590/US dollar, its strongest position since August 23, 2018.

(Databoks: The 2018 Rupiah Weakening Was Not as Severe as During Indonesia's Crisis)

"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."