The Spread Between Rupiah and US Dollar Interest Rates is Narrowing

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14/12/2017 18:18 WIB

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The Fed's Interest Rate and BI 7-Day Repo Rate (Jan-Dec 2017)

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The Fed's Interest Rate and BI 7-Day Repo Rate (Jan-Dec 2017)

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The interest rate differential between the Indonesian Rupiah and the US dollar has narrowed to just 275 basis points (bps), down from 400 bps at the beginning of the year. Throughout the year, Bank Indonesia cut its benchmark BI 7-day Reserve Repo Rate by 50 bps, while the US Federal Reserve (The Fed) raised its benchmark Fed Funds rate by 75 bps.

In the Governor's Board Meeting (RDG) held on December 13-14, 2017, Bank Indonesia again maintained the BI 7-day Repo Rate at 4.25 percent. A day earlier, the US Federal Reserve (The Fed) raised its benchmark interest rate by 25 bps to 1.5 percent from 1.25 percent.

The narrowing interest rate differential against the US dollar could impact the movement of the Rupiah exchange rate. The domestic political climate, which will heat up as the 2018 simultaneous regional head elections approach, coupled with ongoing global uncertainty, is leading investors to prefer holding US dollars over Rupiah. This makes the Rupiah potentially vulnerable to 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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The Spread Between Rupiah and US Dollar Interest Rates is Narrowing

The Spread Between Rupiah and US Dollar Interest Rates is Narrowing

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