TEMPO.CO, Jakarta - The rupiah closed Monday's trade, March 27, with a 10-point correction to trade for Rp15,163 per US dollar. This was a continuation of last week's drop when the garuda fell 25 points to Rp15,153 per dollar.

Despite today's rupiah weakening, Laba Forexindo Berjangka director Ibrahim Assuaibi believes that the Ramadan and Eid seasons will provide momentum for economic growth.

"It will boost the demand and supply for money in circulation, which can be an additional fuel for the economy," he said in a written statement, Monday.

As the pandemic continues to stay under control, he said, the number of people returning to their hometowns for the mudik tradition will increase. This will boost the rural economies as money from the big cities is circulating in smaller cities/regencies.

Ibrahim predicted that the domestic circulation of money will increase to around Rp243 trillion in this year's Idul Fitri, compared to last year's Rp221 trillion.

Ibrahim estimates that Indonesia's economic growth in the second quarter of 2023 will be close to 5.0 percent, with a relatively high increase in money supply and solid household consumption.

"However, as Ramadan and Idul Fitri tend to bring a relatively high increase in demand, there is the possibility of a higher inflation," he said.

For tomorrow's currency trade, Ibrahim predicted the rupiah to open sideways with a tendency to weaken, trading in the range of Rp15,150 to Rp15,200 per US dollar.