Rupiah Climbs on Domestic, Foreign Sentiments

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Laila Afifa

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  • TEMPO.CO, Jakarta - The rupiah exchange rate against the US dollar at the Jakarta Interbank Spot Dollar Rate (JISDOR) has the opportunity to strengthen this weekend. The Garuda has a chance to climb with the support of positive sentiments—both from home and abroad.

    At 9:49 Jakarta time, the rupiah gained 31 points or 0.22 percent to trade for Rp14,217 per US dollar, up from yesterday's closing rate of Rp14,248 per US dollar.

    "Today, the rupiah may strengthen as the market is not worried about the US monetary policy changes towards a tighter direction, although last night's U.S. inflation data showed a 5-percent year-on-year increase," money market analyst Ariston Tjendra said in Jakarta, Friday, June 11.

    Analysts say that although inflation has increased, it is only temporary. So it is likely that The Fed will not change its policy anytime soon.

    From home, April's retail sales data showed a significant growth; in line with previous surveys on consumer confidence. "This could also have a positive impact on the rupiah," Ariston said.

    Ariston said the rupiah has the potential to strengthen today to around Rp14,200 per US dollar, with a potential resist level of around Rp14,280.

    Read: Rupiah Climbs to 13,896 per Dollar

    Antara