Friday, 22 Jumadil Awwal 1441 / 17 January 2020

Friday, 22 Jumadil Awwal 1441 / 17 January 2020

Rupiah strengthens to Rp14,482 on Monday's closing

Senin 23 Jul 2018 22:00 WIB

Red: Reiny Dwinanda

Money exchange service. (Illustration)

Money exchange service. (Illustration)

Foto: Republika/Prayogi
Rupiah appreciated by 13 points from Rp14,495 per US dollar.

REPUBLIKA.CO.ID, JAKARTA -- The Indonesian rupiah has strengthened to Rp14,482 per US dollar on Monday's closing at Jakarta Interbank Spot Dollar Rate. It appreciated by 13 points from Rp14,495 per US dollar.

Analyst of Monex Investindo Futures, Putu Agus Pransuamitra, noted here on Monday that the rupiah's appreciation is influenced by President Donald Trump's tweet that expressed his disapproval on the current strengthening of US dollar.

Trump had tweeted on Friday last week that the dollar's appreciation would reduce US competitiveness in international trade. "We can see that Trump is not very happy to see dollar's appreciation," Pransuamitra stated.

According to mid-rate of Bank Indonesia (BI), the Indonesia's central bank, rupiah has strengthened to Rp14,454 per US dollar, or appreciated by 66 points from Rp14,520 per US dollar.

Also read: Rupiah slump not caused by unchanged BI rate: Central Bank

While in the last week, rupiah had broken the ceiling of Rp14,500 per US dollar, following the continuation of strengthening US dollar influenced by The Fed's optimism over US economic growth.

BI has been working on maintaining the rupiah from going down steeply by keeping its basic rate at 5.25 percent for July, yet rupiah seems to remain depreciating against US dollar.

Some expected that the positive sentiment over BI's plan to launch a new financial market instrument called "Indonia," which might give basic banking transaction rate, was also flopped.

The sluggish market's response was also due to BI's plan to issue BI Bonds Certificate or SBI for 9 and 12 months, which is more liquid than before.

From the micro's side, the Indonesian government has been working to boost the use of biodiesel in a bid to correct its trade balance.

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