business · 10/04/2021

Rupiah Will Be Closed Lower On Thursday

Rupiah Will Be Closed Lower On Thursday –  After three consecutive days of closing higher, the exchange rate (exchange rate) of the rupiah against the United States dollar (US) finally weakened at the close of trading, Thursday (8/4/2021) afternoon.

Quoting Bloomberg, Garuda’s currency closed down 40 points or 0.28 percent at Rp14,535 per US dollar compared to the previous day’s closing at Rp14,495.

1. The rupiah exchange rate is based on the BI middle rate

Meanwhile, based on the Jakarta Interbank Spot Dollar Rate (JISDOR) of Bank Indonesia (BI) on Thursday (8/4/2021), the rupiah exchange rate was recorded at IDR 14,580 per US dollar.

This figure also weakened considerably compared to the rupiah exchange rate on Wednesday (7/4/2021) which was IDR 14,513 per US dollar.

2. The weakening factor of the rupiah at the close of trading

Director of PT TRFX Garuda Berjangka, Ibrahim Assuaibi, in his written statement said that the decision of the US Central Bank or The Fed to continue to support the economic recovery in the US made the dollar strengthen not only against the rupiah, but also against other currencies.

“The central bank reiterates its promise to continue monetary policy support for the economy until the recovery is on a firmer footing, even as unprecedented stimulus measures accelerate the US recovery,” he explained.

Meanwhile, from an internal perspective, the weakening of the rupiah today is the result of the still enactment of Micro PPKM in a number of regions and the announcement of GDP in the first quarter of 2021.

“In the condition that some parts of Indonesia are still implementing Micro PPKM and the Covid-19 Pandemic continues to slope, especially after the release of contraction in the first quarter of 2021 GDP,” added Ibrahim.

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3. Projection of the movement of the rupiah tomorrow

Ibrahim then predicted the rupiah’s movement tomorrow. According to him, the rupiah will fluctuate before finally closing in a weakened condition.

“As for tomorrow’s trade, the rupiah may open fluctuations. However, it closed lower in the range of Rp. 14,530 – Rp. 14,590,” he said.