Rupiah Exchange Rate Dips; Analyst Suspects Dollar Shortage as Main Driver
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6 January 2023 14:30 WIB
TEMPO.CO, Jakarta - The rupiah exchange rate transacted between banks in Jakarta on Friday noon weakened to Rp15,638 per US dollar from Rp15,617 per dollar in the previous session.
Indonesia Commodity and Derivatives Exchange (ICDX) analyst Revandra Aritama said the main issue from within the country was the shortage of dollars which persisted for the past few months.
"This is quite surprising because Indonesia has continued to record an export surplus for a long time. It is suspected that the shortage is driven by exporters placing their foreign currency overseas which provides better yields," said Revandra when contacted in Jakarta, Friday, January 6.
He elaborated that this is still a challenge in strengthening the rupiah, even though the Indonesian bond market recorded capital inflows at the end of last year.
Externally, The Fed's minutes of the meeting show that this year the US central bank will remain focused on reducing the inflation rate until it reaches the target of 2 percent.
TEMPO.CO | ALI AKHMAD NOOR
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