The Fed Holds Interest Rates Steady, Rupiah Strengthens in Early November 2023

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Erlina Fury Santika 03/11/2023 21:20 WIB

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BI Governor Perry Warjiyo stated that the Fed's decision to hold interest rates has impacted the strengthening of the rupiah.

US Dollar Exchange Rate Movement against the Rupiah (October 3 - November 3, 2023)

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The Fed Holds Interest Rates Steady, Rupiah Strengthens in Early November 2023

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US Dollar Exchange Rate Movement against the Rupiah (October 3 - November 3, 2023)

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The United States Federal Reserve held its benchmark interest rate at 5.25-5.50% on Wednesday, November 1, 2023, local time.

The last time the Fed raised interest rates was at the Federal Open Market Committee (FOMC) meeting on July 25, 2023, by 25 basis points (bps). Prior to that, the US benchmark interest rate stood at 5-5.25% in June 2023.

This move impacted global exchange rates against the US dollar, including the Indonesian Rupiah.

According to *Katadata*, Bank Indonesia Governor Perry Warjiyo stated that the Rupiah strengthened immediately following the Fed's decision to hold interest rates. He attributed this strengthening to close coordination between domestic monetary and fiscal authorities.

"Coordination is carried out at the ministerial, director-general, and departmental levels. We maintain very close coordination almost every week," Perry said in a press conference of the Financial System Stability Committee (KSSK) in Jakarta on Friday, November 3, 2023.

Data compiled by Investing shows that the average daily exchange rate of the Rupiah fluctuated during October-November 2023. On October 3, 2023, the exchange rate was Rp15,575 per US$.

The Rupiah weakened considerably on October 19, 2023, reaching Rp15,810 per US$. It fluctuated for two consecutive days, reaching Rp15,930 on October 23, 2023—its highest level that month.

In early November 2023, the exchange rate continued to weaken, approaching the 16,000 level. However, it strengthened two days later, particularly after the announcement of the US benchmark interest rate. The exchange rate was recorded at Rp15,725 on November 3, 2023.

(See also: Asian Currency Exchange Rates against the US Dollar in October 2023: Rupiah Weakest)

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."