Strengthening at the Weekend, Heres the Projection of Rupiah Movement Early Next Week
Although throughout this week the rupiah movement tends to be depressed, at the end of the week, this garuda currency could strengthen.
Until the end of the trading session on Friday (11/10), the rupiah at the Jakarta Interbank Spot Dollar Rate (Jisdor) Bank Indonesia (BI) was perched at Rp15,609 per US dollar. This figure strengthened 0.31% from the previous day which was at Rp15,658 per US dollar. In a week, the rupiah Jisdor weakened 0.73% from the end of last week which was at Rp15,495 per US dollar.
In the spot market, the rupiah closed at Rp15,578 per US dollar at the end of trading on Friday (11/10), strengthening 0.64% from the previous day at Rp15,678 per US dollar. In a week, the spot rupiah weakened 0.60% from the end of last week at Rp15,485 per US dollar.
Bank Permata Chief Economist Josua Pardede said that throughout this week the rupiah tended to be under pressure, especially at the beginning of the week due to US employment data which was recorded as stronger than expected.
However, at the end of todays session, it strengthened due to the release of US Jobless Claims data which showed a significant increase.
This sentiment tends to dominate the market, and exceeds sentiment related to the inflation trend or the US consumer price index which is still strong in September 2024, Josua explained to KONTAN, Friday (11/10).
In addition to US sentiment, this strengthening is also supported by expectations of additional stimulus from the Chinese government. For information, the Chinese Finance Minister will announce the continuation of the stimulus next Saturday.
Currency and Commodity Observer Lukman Leong said the rupiah strengthened against the US dollar because US inflation data had moderated again, although it was still slightly higher than expected.
In addition, investors are also anticipating US producer inflation data tonight. US PPI data tonight is expected to show a 0.1% mom increase in producer prices, this figure is relatively small, said Lukman, Friday (11/10).
Next week, Lukman assessed that there will be no important economic data from the US to be released. Meanwhile, domestically, RI trade data for September is expected to be strong again and surplus.
Then Bank Indonesia (BI) is expected to maintain the benchmark interest rate. If there are no surprises, Lukman projects that the US dollar has the potential to be corrected and the rupiah could strengthen on Monday (10/14) in the range of Rp15,500 to Rp15,600 per US dollar.
Not much different, Josua predicts that the Garuda currency will strengthen next week due to strengthening GDP data and Chinese inflation. Josuas projection is that the rupiah will move in the range of Rp15,500 to Rp15,625 per US dollar.
Source : Kontan.co.id
Oct 12,2024
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