Brexit's uncertainty dragged down the exchange rate of rupiah

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Christine Roy from unsplash about currency

Brexit's uncertainty dragged down the exchange rate of the Garuda currency.

Yesterday, the rupiah spot rate weakened 0.09% to Rp. 14,278 per US dollar (US). However, the rupiah middle rate currency at Bank Indonesia still strengthened 0.11% to the level of Rp. 14.253 per US dollar.


Economist Samuel Sekuritas Indonesia Ahmad Mikail said the results of the vote of the British parliament which rejected the agreement to issue Britain from the European Union became the main catalyst. As a result, the euro and the pound weakened against the US dollar. Even the rupiah as part of emerging markets was affected, he said yesterday.

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Economist: Rupiah weakened due to rising oil prices

The rupiah is still likely to strengthen limited on weekends, this is the reason
 
JCI is predicted to continue to strengthen tomorrow
 
The rupiah exchange rate is depressed again due to Brexit uncertainty
Quoting Bloomberg on Thursday (14/3) the rupiah closed down 0.09% at the level of Rp. 14,278 per US dollar. While in the middle exchange rate of Bank Indonesia (BI) the rupiah strengthened 0.11% to Rp. 14.253 per US dollar.

"The opportunity for the rupiah to continue the correction is still there because the Central Statistics Agency (BPS) is scheduled to release data on Indonesia's international trade in the period of February 2019 in the morning," Ibrahim said to Kontan.co.id, Thursday (14/3)


Just so you know the predictions of analysts expect exports to contract or decrease by 4.26% year-on-year (yoy), imports edged up 0.4% yoy, and the trade balance minus US $ 841 million.

Ibrahim predicts that in trading on Friday (3/15) the rupiah will likely be traded between Rp. 14,260-Rp. 14,285 per US dollar.

 
Strengthening oil prices helped suppress the rupiah. Fortunately, the weakening of the rupiah was not too thick. Given the economic data of Uncle Sam's country is also not satisfactory. As a result, the potential for a slowdown in the US economy is becoming more evident, so that The Federal Reserves are expected to halt the increase in US benchmark interest rates this year.

Other Factor:

On the other hand, an analyst at Asia Trade Point Futures Deddy Yusuf Siregar said, the movement of the rupiah today would be influenced by the release of trade balance data. Indonesia's trade balance deficit is predicted to narrow and be positive for the rupiah.

Deddy estimates that the rupiah will move in the range of Rp. 14,210 - Rp. 14,290 per US dollar. While Mikail predicts, today's Garuda currency moves in the field of Rp. 14,190 - Rp. 14,290 per US dollar.

#rupiah #currency

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