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Indonesian Rupiah Plummets to Lowest Level in 32 Months
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On Friday, November 4, 2022, the Indonesian Rupiah exchange rate closed at Rp15,736 per US dollar in the Jakarta Interbank Spot Dollar Rate (JISDOR).
This represents a 0.35% weakening compared to the previous day's closing, marking its lowest level in 32 months.
The US Federal Reserve's (The Fed) policy of raising its benchmark interest rate to curb inflation has fueled the dollar's strengthening in the global market. This has also triggered a weakening of the Rupiah, pushing it close to the psychological level of Rp16,000 per US dollar.
JISDOR is a representative reference for the Rupiah exchange rate for transactions in the Indonesian foreign exchange market. JISDOR has been published since May 20, 2013. Before the JISDOR reference rate, the Rupiah exchange rate against the US dollar was determined in the Singapore spot market.
The US Dollar Index (DXY), an indicator reflecting the movement of the US dollar against major world currencies, reached its highest level in several years at 114.11 on September 27, 2022.
As is known, The Fed again aggressively raised its benchmark interest rate by 75 basis points (bps) to a range of 3.75-4% in early November 2022. This move is expected to create further room for the US dollar to strengthen against world currencies, including the Rupiah.
"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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