The rupiah weakens 4 points or 0.03 percent to IDR 15,701 per US dollar compared to the position at the previous close of IDR 15,697 per US dollar. The exchange rate against the US dollar was transacted between banks in Jakarta on Wednesday morning.
Other Asian currencies moved mixed against the US dollar this morning. The Japanese yen weakened 0.11% alongside the Hong Kong dollar 0.04%, the Singapore dollar 0.06%, the Chinese yuan 0.09%, and the Thai baht 0.03%.
In contrast, the South Korean won rose by 0.32% along with the Philippine peso by 0.33%, the Taiwan dollar by 0.05%, the Indian rupee by 0.22%, and the Malaysian ringgit by 0.12%.
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DCFX analyst, Lukman Leong, estimates that the rupiah will move flat with a limited tendency to strengthen today amid waiting for the minutes of the meeting of the US central bank, The Fed. Garuda’s exchange rate is estimated to move in the range of IDR 15,650 – IDR 15,750 per US dollar.
“The US dollar corrected, investors tended to be side-lined ahead of the release of the minutes of the Federal Open Market Committee (FOMC) meeting tonight and the Thanksgiving holiday,” Lukman said in his research, Wednesday (11/23).
The FOMC meeting are detailed notes from the Fed’s policy-setting meeting held about two weeks earlier. The document contains the views of the Fed’s policy makers regarding changes in monetary policy made during that period. This is the market’s attention to read the direction of the Fed’s policy going forward.
The Fed is scheduled to meet again to determine its policy direction in the middle of next month. The majority of the market expects the Fed’s interest rate will rise 50 bps next month, after four consecutive meetings of raising interest rates by 75 bps.