Indonesian Rupiah Exchange Rate: Depreciating against the US Dollar
In line with most other Asian emerging currencies, Indonesia’s rupiah exchange rate depreciated on Friday (28/11). Market players continue to buy US dollars amid falling oil prices. Japan’s yen even fell to a seven-year low against the US dollar after government data showed that household spending declined four percent (y/y) and inflation slowed in the world’s third-largest economy. Based on the Bloomberg Dollar Index, the rupiah had depreciated 0.22 percent to IDR 12,204 per US dollar by 15:35 pm local Jakarta time.
The Indonesian rupiah is also weakening as market participants are expecting accelerated inflation in November after the government raised subsidized fuel prices by more than 30 percent on Tuesday (18/11). On Monday (1/12), Statistics Indonesia will release Indonesia’s official November inflation figure.
Meanwhile, the euro is losing ground to the US dollar as Europe’s economic data are not good, fuelling expectation about further monetary stimulus from the ECB.
Bank Indonesia's benchmark rupiah rate (Jakarta Interbank Spot Dollar Rate, abbreviated JISDOR) depreciated 0.14 percent to IDR 12,196 per US dollar on Friday (28/11).
Indonesian Rupiah versus US Dollar (JISDOR):| Source: Bank Indonesia
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