Rupiah Depreciation Increases, but Remains Relatively Stable Compared to Other Currencies
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The Indonesian Rupiah has continued to depreciate against the US dollar since the Fed raised interest rates this year. The exchange rate is now around Rp15,000 per US$.
Despite this, the Rupiah's 5.1% year-to-date (ytd) weakening is relatively contained compared to other Asian countries. The Japanese Yen, for instance, has depreciated by 18.8% (ytd).
Furthermore, the Thai Baht weakened by 10.5% (ytd), the South Korean Won by 10.4% (ytd), and the Philippine Peso by 10% (ytd). The Indian Rupee weakened by 7.3% (ytd).
Only the Vietnamese Dong showed a smaller depreciation than Indonesia, weakening by 2.5% (ytd) against the US$.
Meanwhile, countries with economies similar to Indonesia, such as Mexico and Brazil, saw their currencies strengthen. This is due to interest rate hikes in both countries of 400 bps and 225 bps, respectively, since the beginning of the year.
"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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