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Thanks to Bank Indonesia & benchmark interest rate, Indonesian Rupiah (IDR) buffed up again. (Image via: CNBC Indonesia)
There Is More to Garuda! IDR Soars to Rp13,920
Garuda buffed up once more! On Friday (19/7) morning, at the opening of the spot market, Indonesian Rupiah (IDR) showed its might again by strengthening to Rp13,920 per U.S Dollar (USD). The rate was strengthening by 0.29% compared to the Wednesday (17/7) at Rp13,927. In Jakarta Interbank Spot Dollar Rate (JISDOR), IDR broke the record by strengthening to Rp13,913.The President Director of PT Garuda Berjangka, Ibrahim, revealed the reason for the IDR’s strengthening. The Federal Reserve (The Feds), the central bank of the U.S, recently opened another possibility of cutting the benchmark interest rate.
Despite the expansive manner of the U.S economy, Ibrahim pointed out that The Feds might cut the benchmark interest rate 3 times this year, starting from the end of July and two more in September and December.
However, we should thank Bank Indonesia (BI) for the strengthening of IDR. Due to the result of BI’s Board of Governors’ meeting (RDG) on Thursday (18/7) which resulted in the cutting of BI’s benchmark interest rate, BI 7 Days Reverse Repo Rate (7DRRR) from 6% to 5.75%, the market players saw it as a good omen. Moreover, the cutting was based on the wish of monetary authority for better economic development in Indonesia.
Supporting Ibrahim’s statement, the Head of Research at Monex Investindo, Ariston Tjendra, pointed out the possibility of the continual strengthening of IDR is now opened wide since the officials of The Feds seemed to agree with the cutting of benchmark interest rate policy. Tjendra predicted that IDR might be strengthening even more to Rp13,900 – Rp13,850 per USD.
As for today’s morning, the majority of Asian’s currency showed its might against USD such as Hong Kong Dollar (HKD) strengthening by 0.04%, Malaysian Ringgit (MYR) by 0.09%, Thai Baht (THB) by 0.22%, Philippines Peso (PHP) by 0.3%, and South Korean Won (KRW) by 0.41%.
However, Singaporean Dollar and Japanese Yen had to wither in the presence of USD, weakening by 0.01% and 0.21% respectively.
On the other hand, some currencies of developed countries also weakened against USD such as Australian Dollar (AUD) weakening by 0.08% and European Union Euro (EUR) by 0.14%. Meanwhile, Great Britain Pound sterling (GBP) showed no movement like yesterday.
Source: https://www.cnnindonesia.com/ekonomi/20190719085107-78-413523/rupiah-berkibar-rp13920-per-dolar-as-berkat-the-fed
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