Rupiah Opens at Rp13,445 Against USD on Thursday Morning

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  • TEMPO.CO, Jakarta - Rupiah's interbank exchange rate in Jakarta slipped by three points at the  start of Thursday's trading session, reports said on Thursday, July 30, 2015. The Rupiah commenced trading at Rp13,445 per US Dollar - down from its' previous trading session at Rp13,442 per US Dollar.

    An economist for Samuel Sekuritas, Rangga Cipta, said that the Rupiah is experiencing some negative correction after the Federal Reserve Bank of America has stated that it is satisfied with the progress of the US economic recovery - which has given rise to further speculations that the fes might decide to raise its' Fund rate in the near future.

    "Although the Fed has yet to raise its' Fund rate, they have indicated that they are more satsified about the satisified by the progress of US economy through the recent Federal Open Market Committe (FOMC), whose said through their release that the state of US labour market is becoming less of an issue, as well as the situation in Greece," said Rangga.

    Rangga said that the Fed might indeed raise its' Fund rate in the mext FOMC meeting, which is scheduled for September 16-17.

    Market players, said Rangga, will be shifting their focus to the revision to the US Gross Domestic Product (GDP) for the second quarter of 2015 (Q2), which is expected to exceed the market's expectations.

    The Head of Research for Monex Investindo Futures, Ariston Tjendra, concurs with Rangga and said that the Fed is likely to raise its' Fund rate in September.

    "Last night's FOMC meeting stated that the US economic recovery is indeed on track, which could mean a Fund rate hike in September," he said.