RUPIAH - JAKARTA. The rupiah exchange rate continued to strengthen in the last week of November. On Monday (26/11), Jakarta Interbank Spot Dollar Rate (Jisdor) was at Rp 14,551 per US dollar (US), up slightly from the position of Rp 14,552 per US dollar on the weekend.
Based on Bloomberg data, on the spot market at 10:16 a.m., the rupiah strengthened 0.06% to Rp 14,535 per US dollar from last weekend's position at Rp 14,544 per US dollar.
Today, the rupiah and almost all Asian currencies appear to be strengthening against the US dollar. Nevertheless, there are also Asian currencies that have weakened against the greenback, namely the Japanese yen and the Malaysian ringgit. The recovery of the Asian currency exchange rate occurred in the past month.
Rupees also look stronger. In the past month, the rupee rose 4% against the US dollar, whereas before, the rupee was the worst performing currency in Asia.
Meanwhile, the dollar index also strengthened. An index that reflects the exchange rate of the greenback against the world's major currencies is at the level of 96.99.
Economist Samuel Sekuritas Indonesia, Ahmad Mikail said, the US dollar index could potentially strengthen to the level of 96.9-97.0. At the same time, the US dollar exchange rate can also strengthen against other major currencies, such as the euro. The US dollar index strengthened due to the decline in world oil prices and the weakening of the European zone economy.
"The ongoing correction in the US stock market has again prompted investors to accumulate dollars and US Treasury," Mikail added in research today.
On the other hand, there were indications of a weakening of the economy in the European zone after the release of the European Zone Purchasing Manager Index (PMI) data which weakened to 52.4 in November compared to October at 53.1.
These factors can give a positive impact on the movement of the rupiah in the market. Mikail predicts the rupiah will strengthen in the range of IDR 14,500-IDR 14,600 per US dollar today. (Translator: Barratut Taqiyyah Rafie)
