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Indonesian Rupiah Exchange Rate Breaks Through Psychological Level of Rp15,000 per US Dollar
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Anticipation of an interest rate hike by the United States (US) Federal Reserve caused the Indonesian Rupiah exchange rate to weaken, surpassing the psychological level of Rp15,000 per US dollar on Wednesday (September 21, 2022).
Overnight, the US Federal Open Market Committee (FOMC) decided to raise its benchmark interest rate by 75 basis points (bps) to a range of 3%-3.25%. This policy again fueled appreciation of the US dollar against major world currencies, impacting regional currencies including the Rupiah.
The Rupiah exchange rate in the Jakarta Interbank Spot Dollar Rate (JISDOR) closed weaker by Rp22 per US dollar (0.15%) at 15,033 per US dollar on Thursday (September 22, 2022), compared to the previous day's closing.
This Rupiah position is its weakest in 29 months, since mid-May 2020, as shown in the graph.
Meanwhile, the Bank Indonesia (BI) Board of Governors Meeting (RDG) held on September 21-22, 2022, decided to raise the BI 7-Day Reverse Repo Rate benchmark interest rate by 50 bps to 4.25% to support the Rupiah exchange rate and prevent further weakening.
"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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