Asian Currency Exchange Rates against the US Dollar, October 2023: Rupiah Weakest

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Erlina Fury Santika 27/10/2023 18:23 WIB

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According to data compiled by Bloomberg, the Indonesian rupiah is the weakest performing currency against the US dollar in Asia.

Exchange Rate of 1 US Dollar (US$) against the Currencies of 11 Asian Countries (October 27, 2023)

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Asian Currency Exchange Rates against the US Dollar, October 2023: Rupiah Weakest

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Exchange Rate of 1 US Dollar (US$) against the Currencies of 11 Asian Countries (October 27, 2023)

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Based on real-time data compiled by Bloomberg, the Indonesian Rupiah (IDR) has become the weakest currency against the US dollar in Asia. As of 4:30 PM WIB on Friday, October 27, 2023, 1 US dollar was exchanged for Rp15,938.

Compared to ten other major Asian countries, this value is significantly weaker. Bloomberg data shows the Singapore dollar (SGD) as the strongest, at SGD1.36 per US$.

Even the Malaysian ringgit (MYR) showed considerable strength, trading at MYR4.77 per US$. This makes it the second strongest currency in Asia according to Bloomberg's data.

Other major developing economies showed the following exchange rates: the Indian Rupee (INR) at INR83.24 per US$, and the Chinese Yuan (CNY) at CNY7.3 per US$.

The South Korean Won (KRW) was the second weakest currency after the Indonesian Rupiah, with an exchange rate of KRW1,355 per US$.

According to Kompas Daily, Asian currencies have generally weakened throughout 2023. This is considered unusual, given that Asia is a center of global growth with increasing exports. The US financial system itself is currently unstable, with its debt ceiling reaching dangerous levels.

Several factors are contributing to the weakening of Asian currencies against the dollar. One is the news of slowing economic growth in China.

"The People's Bank of China lowered its benchmark interest rate amidst a trend of interest rate hikes by the Federal Reserve. This situation has dragged down regional currencies with similar weakening patterns," wrote Simon P. Saragih in the Kompas Daily report, "The US Dollar Remains 'King' for Asian Currencies," on Friday, October 13, 2023.

Geopolitical factors also play a role in the currency weakening. Supply chain disruptions have reduced shipments while increasing the money supply. This is driving inflation, according to economist Joseph Stiglitz.

Conflicts such as the Russian invasion of Ukraine, a series of US economic sanctions against China, and other economic warfare strategies have contributed to disruptions in the supply of food, oil and gas, and global goods.

"This is driving inflation, forcing the US to raise interest rates to curb it," the author stated.

(See also: Rupiah Included in the List of 10 Weakest Currencies in the World)

Editor : Erlina Fury Santika

"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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Asian Currency Exchange Rates against the US Dollar, October 2023: Rupiah Weakest

Asian Currency Exchange Rates against the US Dollar, October 2023: Rupiah Weakest

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Asian Currency Exchange Rates against the US Dollar, October 2023: Rupiah Weakest

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