Rupiah Weakens 51pts to 14,459 in Spot Trade

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  • TEMPO.CO, Jakarta - NH Korindo Securities Indonesia (NHKSI) estimates that Bank Indonesia rupiah middle exchange rate to the US dollar in trading Thursday, September 17, will move in the range between Rp14,436 and Rp14,450.

    Bloomberg Dollar Index said on Wednesday, September 16 the rupiah closed down 51 points or 0.35% to Rp14,459 per US dollar.

    Rupiah is under pressure ahead of the US central bank’s decision related to the planned increase of interest rates (Fed Rate), after a meeting on September 16 to 17.

    Head of Research NHKSI Reza Priyambada said the strengthening of global stock markets coupled with improvement of Asian currency rates, does not seem strong enough to invite rupiah to sit together in the green zone.

    “From the observation of BI data, the rate of rupiah is increasingly mired in the red zone," Reza said in his research.

    This will be a big question for traders, he said, when looking at the rate of rupiah weakening while other currencies are not suffering as much.

    Though less the same sentiment, market players are still waiting and paying attention to the release of RDG-BI and the FOMC meeting.

    On the other hand, the recent rise in oil prices should make the strengthening of the US dollar rate increasingly restrained, but even then did not strengthen the rupiah.

    “Further weakening is possible if there is no resistance of the rupiah. Look out for sentiments to be released, which can negatively impact the rate of rupiah," said Reza.

    The rupiah rate below the support target at 14,385.

    BISNIS.COM