Still Depressed, Rupiah Exchange Rate Near Rp 15,400 Per US Dollar
JAKARTA, KOMPAS.COM – The exchange rate of the rupiah against the US dollar in the market spot on Tuesdays trading session (11/10/2022) opened lower. Eye Garudas money is still under pressure from global sentiment, mainly related to monetary policy tightening.
Referring to Bloomberg data, the rupiah exchange rate against the US dollar opened at the level of Rp 15,331 per US dollar, depreciating compared to the previous closing position was Rp 15,318 per US dollar.
It was observed that the rupiah continued to move in the negative zone at the beginning of trading. At 10.00 WIB, the rupiah exchange rate was at Rp 15,361 per month US dollar, tumbled 0.28 percent.
Sinarmas Futures analyst Ariston Tjendra said the depreciation of the rupiah still caused by market concerns over potential upside the benchmark interest rate of the US central bank, The Federal Reserve (The Fed). An aggressive increase in the benchmark interest rate is projected to continue until the end of this year.
Because the US central bank prioritizes inflation control compared to economic growth, he told Kompas.com , Tuesday.
15,250 PER US DOLLAR
Increasing market concerns about global economic conditions currently reflected in the US government bond yields which again increased. Uncle Sams State Bond Yield 10 years tenor back to near the 4 percent level.
Indicates that the markets expectations are still high for an increase aggressive benchmark interest rates, said Ariston.
Not only the rupiah, global sentiment also pressured other Asian currencies. A number of Asian currencies have depreciated against the US dollar. starting from Singapore dollar (0.12 percent), Taiwan dollar (0.78 percent), South Korean won (0.60 percent), Malaysian ringgit (0.50 percent), to the Thai baht (0.40 percent).
In addition, the shadow of a global recession is driving market participants transferred some of its assets to safe assets in US dollars, said Ariston.
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