Rupiah Drops to Rp15,646/USD as Middle East Heats Up Over Israel
The rupiah exchange rate against the US dollar (USD) in todays trading closed down 62 points or 0.40% to Rp15,646 after previously strengthening at Rp15,584 per US dollar. Citing Bloomberg data, the rupiah also opened up today to Rp15,609 per US dollar. Money market observer Ibrahim Assuaibi said the weakening of the rupiah was based on external sentiments such as the Middle East conflict and Republican presidential candidate Donald Trump was seen outperforming Vice President Kamala Harris, according to the latest market polls and predictions.
Rising tensions in the Middle East are also weighing on risk appetite, after Israel delivered tough rhetoric against Iran this week, Ibrahim wrote in his research, Friday (10/25/2024). Market players are also awaiting Israels response to Irans missile attack on October 1 that could involve striking Tehrans oil infrastructure and disrupting supplies, although reports have said Israel will target Iranian military targets, not nuclear or oil targets. US and Israeli officials are due to resume talks for a ceasefire and the release of hostages in Gaza in the coming days. Previous attempts to reach a deal have failed. US Secretary of State Antony Blinken said on Thursday that the United States does not want a protracted Israeli campaign in Lebanon, while France has called for a ceasefire and a focus on diplomacy. Speculation is growing that ECB policymakers will agree to a deeper interest rate cut at their next meeting, given the weak economic outlook, although central bank officials have tried to cool the talks. The annual IMF-World Bank meetings enter their penultimate day on Friday, and traders will be looking for any comments on future monetary policy. From internal sentiment, Indonesias Financial System Stability in the third quarter of 2024 remains maintained amidst global geopolitical dynamics and the direction of monetary policy easing. This is in line with the easing of pressure in the global financial market after monetary policy easing was carried out by various major countries, (the United States and Europe). However, the Indonesian economy is still well maintained.
Source : sindonews.com
Oct 26, 2024
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