Indonesian Rupiah at 16,251 per US dollar on May 31, 2024; further weakening predicted.

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Erlina Fury Santika 31/05/2024 16:34 WIB

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The Indonesian Rupiah closed at 16,251 per US dollar at the end of May 2024. Several analysts predict this weakening will continue into June 2024.

Indonesian Rupiah Exchange Rate Against the US Dollar (May 31, 2023 - May 31, 2024)

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Indonesian Rupiah at 16,251 per US dollar on May 31, 2024; further weakening predicted.

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Indonesian Rupiah Exchange Rate Against the US Dollar (May 31, 2023 - May 31, 2024)

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The Indonesian Rupiah (IDR) exchange rate against the US dollar reached 16,251, according to Bank Indonesia's JISDOR data on Friday, May 31, 2024.

This figure showed a very slight strengthening from the previous day's rate of Rp16,253 per US dollar on Thursday, May 30, 2024.

The Rupiah's weakening to the 16,000 level per US dollar has occurred for at least the past week, since May 27, 2024. Prior to this, the Rupiah had hovered around 15,000 between May 16-20 and May 22, 2024.

The Rupiah has been trading in the 16,000 range since April 2024, as shown in the graph.

Citing *Katadata*, several analysts have projected the Rupiah's weakening. Money Market observer Ariston Tjendra anticipates the possibility of the Rupiah trading above Rp16,000 per dollar in June 2024 due to the strengthening US dollar.

"It all depends on the latest data, especially US inflation. But with the current sentiment supporting the dollar's strengthening, there's a chance the Rupiah will be above Rp16,000 per US dollar," Ariston told *Katadata* on Friday, May 31, 2024.

Similarly, Currency Analyst Lukman Leong also sees the possibility of the Rupiah weakening if geopolitical tensions in the Middle East continue to escalate in June 2024.

Senior Economist at KB Valbury Sekuritas, Fikri C Permana, predicts a weakening of the Rupiah in early June 2024 due to a global "risk-off" sentiment. "Risk-off" is a situation where investors are unwilling to take on high risks, preferring to invest in low-risk assets.

"However, in mid-June, we hope to see improvement aided by the release of Indonesia's improved foreign exchange reserves, along with an increase in the trade balance surplus. Hopefully, the Rupiah will appreciate again," said Fikri.

(Read *Katadata*: [Touching Rp 16,242 per US Dollar, Rupiah Likely to Weaken in June 2024](https://katadata.co.id/finansial/makro/66594e071aaa8/sentuh-rp-16242-per-dolar-as-rupiah-berpeluang-melemah-di-juni-2024))

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."