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 17,775 18,125
AUD 10,425 10,625
HKD 1,648 1,708
USD 13,175 13,330
MYR 3,100 3,185
CAD 10,600 10,860
SGD 9,700 9,910
EURO 15,750 15,990
SFR 13,525 13,775
YEN 117.25 119
NZD 9,525 9,765
THB 391 410
NT 420 450
WON 10.92 12
DKK 2,017 2,150
SEK 1,586 1,675
BND 9,650 9,910
NOK 1,619 1,710
SAR 3,395 3,555
PHP 243 262
RMB 1,935 2,022
INR 159 206
RUB 178 230
AED 3,493 3,630
   Last Updated :23 Sep 2017 - 09:51 AM
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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