Closed at Rp 16,259 Per US Dollar Today, Rupiah Weakens 2.53% Throughout April

RUPIAH - JAKARTA. The Indonesian rupiah's depreciation narrowed in the final trading of April 2024. After weakening to Rp 16,281 per US dollar, the spot rupiah exchange rate closed at Rp 16,259 per US dollar on Tuesday (30/4).

The spot rupiah exchange rate slightly weakened by 0.02% from yesterday's closing at Rp 16,255 per US dollar. The rupiah depreciated by 2.53% throughout April from Rp 15,857 per US dollar at the end of March 2024.

As the potential for rupiah depreciation subsides, the USD/IDR currency pair is likely to be held back at a resistance of Rp 16,340 per US dollar. The Federal Reserve is expected to hold interest rates at the end of this month, and the labor market is still expected to remain strong. 

"This condition will continue to put pressure on the domestic financial market and the foreign exchange market," said Myrdal Gunarto, a strategist at Maybank, to Bloomberg.

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Not only the rupiah, but the majority of Asian currencies also weakened against the US dollar today. Only the Hong Kong dollar was recorded to have slightly strengthened by 0.04% against the greenback.

The largest depreciation occurred in the Japanese yen by 0.36% and the Korean won by 0.31%. Depreciation also occurred in the Thai baht, Chinese yuan, Philippine peso, Singapore dollar, Malaysian ringgit, Indian rupee, and Taiwanese dollar.

On the other hand, the dollar index reflecting the US dollar exchange rate strengthened by 0.25% to 105.86 from yesterday's closing at 105.58. The dollar index strengthened by 1.31% throughout April 2024.