The Rupiah's Weakening Is Less Severe Than Other Asia-Pacific Currencies as of August 23, 2022

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Viva Budy Kusnandar 24/08/2022 14:50 WIB

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From the beginning of the year until August 23, 2022, the rupiah's weakening was not as severe as that experienced by other Asia-Pacific currencies.

Weakening of the Rupiah and Other Asia-Pacific Currencies against the US Dollar (December 31, 2021 – August 23, 2022)

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The Rupiah's Weakening Is Less Severe Than Other Asia-Pacific Currencies as of August 23, 2022

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Weakening of the Rupiah and Other Asia-Pacific Currencies against the US Dollar (December 31, 2021 – August 23, 2022)

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The strengthening US dollar against six major world currencies has also impacted the weakening of currencies in the Asia-Pacific region.

The US dollar index against major world currencies reached 108.62 on August 23, 2022, up 13.54% compared to the end of December 2021 (year to date/ytd).

The Indonesian Rupiah exchange rate was also affected, weakening by 3.88% (ytd) to Rp14,838 per US dollar on August 23, 2022. However, this weakening was not as severe as other Asia-Pacific currencies, as shown in the graph.

The Rupiah's exchange rate did not plummet too deeply because it was still supported by Indonesia's economy, which grew by 5.23% (year on year/yoy) in the first half of 2022, and inflation, which remained relatively controlled at 4.94% (yoy) in July 2022.

Furthermore, Bank Indonesia's increase of the BI 7-Day Reserve Repo Rate (BI7DRR) by 25 basis points (bps) to 3.75% on August 23, 2022, also supported the Rupiah's movement. This interest rate hike widened the net interest rate differential between the Rupiah and the US dollar to 125 bps.

The currency in the Asia-Pacific region that experienced the deepest weakening was the Lao Kip, weakening by 26.78% (ytd) to 15,292.99 per US dollar on August 23, 2022.

This was followed by the Japanese Yen, which depreciated by 15.86% (ytd) to 136.77 per US dollar, the Myanmar Kyat, which weakened by 15.24% (ytd) to 2,100 per US dollar, and the South Korean Won, which depreciated by 11.57% (ytd) to 1,345.61 per US dollar.

The Philippine Peso weakened by 9.08% (ytd) to 56.08 per US dollar, and the Thai Baht weakened by 7.88% (ytd) to 36.05 per US dollar.

The Hong Kong dollar was recorded as the currency in the region that experienced the smallest weakening against the US dollar, at only 0.64% (ytd).

Editor : Adi Ahdiat

"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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The Rupiah's Weakening Is Less Severe Than Other Asia-Pacific Currencies as of August 23, 2022

The Rupiah's Weakening Is Less Severe Than Other Asia-Pacific Currencies as of August 23, 2022

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The Rupiah's Weakening Is Less Severe Than Other Asia-Pacific Currencies as of August 23, 2022

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