Business · Markets · 38 mins ago

Rupiah weakens to 17,920 per US dollar at Tuesday's open

Rupiah weakens to 17,920 per US dollar at Tuesday's open

Indonesia’s rupiah weakened against the US dollar at the start of trading on Tuesday, October 13, reaching 17,920 rupiah per dollar.

That followed a 0.17% fall on Monday, even though the currency had opened that day higher.

A higher number of rupiah per dollar means the rupiah has lost value against the US currency.

The dollar index, which tracks the dollar against six major currencies, edged down in early trading but remained near its strongest level since April last year.

Strong US interest rates and economic growth, along with demand for safer assets during global uncertainty, have supported the dollar.

Attacks on energy infrastructure in Saudi Arabia and Ukraine also helped push oil prices higher, adding to concerns about inflation and interest rates.

The sources give no specific forecast or next step for the rupiah.

What people are saying

The combination of relatively higher interest rates, stronger US growth, and rising demand for the dollar as a defensive asset continues to provide strong support for the greenback
Chris WestonHead of Research at Pepperstone Groupvia CNBC Indonesia, quoting Reuters

Sources

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