Indonesian Stocks & Rupiah Update: Tracking Losses on Wall Street

Indonesias benchmark Jakarta Composite Index fell 0.32 percent to 5,391.21 points on Friday (03/03), while the Indonesian rupiah depreciated 0.19 percent to IDR 13,383 against the US dollar (Bloomberg Dollar Index). The performance of Indonesian stocks and the currency was in line with the performance of its counterparts in Asia. Asian shares were tracking losses on Wall Street overnight where profit-taking kicked in as US indices have been in rally-mode since Donald Trump won the presidential election in November 2016.

Meanwhile, market participants are also awaiting the speech of Federal Reserve Chairwoman Janet Yellen later on Friday (03/03) in Chicago. This speech could shed more light on the Feds monetary policy stance. Given the recovering US economy markets are increasingly expecting a Fed Funds Rate hike in March 2017, particularly as more and more Fed officials express hawkish statements. The next Federal Open Market Committee (FOMC) meeting is scheduled for 14-15 March.

Last week it was announced that US jobless claims declined to its lowest level in decades, hence strengthening the belief that the Federal Reserve is moving closer to achieving its full employment and inflation targets. This coupled with expectation of US President Donald Trump boosting government spending and easing regulations, while introducing corporate tax cuts and massive tax relief for the middle class, should lead to tightening monetary policy in the USA.

Overnight, the Dow Jones Industrial Average fell 0.5 percent to 21,002.97, the S&P 500 slid 0.6 percent to 2,381.92, while the Nasdaq Composite Index lost 0.7 percent to close at 5,861.22. Although there is concern about valuation, and whether the recent peaks of US stock indices are in tune with reality, the rally is not expected to cease yet. Emerging market assets, on the contrary, are expected to feel the impact of higher US interest rates as capital will flow from these emerging markets to the USA ahead of looming higher US rates.

Bank Indonesias benchmark rupiah rate (Jakarta Interbank Spot Dollar Rate, abbreviated JISDOR) depreciated 0.10 percent to IDR 13,375 per US dollar on Friday.

Source : Indonesia Investments

March 4, 2017


 
Bank note current rate:
  currency buy sell
GBP 17,150 17,340
AUD 10,475 10,560
HKD 1,652 1,707
USD 13,215 13,325
MYR 3,050 3,125
CAD 10,450 10,625
SGD 9,675 9,790
EURO 15,425 15,550
SFR 13,875 14,085
YEN 119 120.15
NZD 9,750 9,920
THB 386 406
NT 418 446
WON 11.08 12.10
DKK 1,977 2,090
SEK 1,542 1,620
BND 9,625 9,790
NOK 1,578 1,655
SAR 3,402 3,555
PHP 245 262
RMB 1,887 1,970
INR 159 207
RUB 178 225
AED 3,498 3,630
   Last Updated :24 Jul 2017 - 05:05 PM
These are indicative rates. For actual exchange rates, please visit or call our outlets to (0361) 4741 940. We reserve the right to change the rates at any time without prior notice.
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