Rupiah Heading Towards Rp13,700/USD

Ade Hapsari Lestarini    •    02 November 2015 11:45 WIB
Rupiah Heading Towards Rp13,700/USD
An employee of BNI bank, an Indonesian state-owned bank, prepares rupiah banknotes for their ATMs and branch offices in Jakarta on April 1, 2015. (Photo: AFP / Bay ISMOYO, Jakarta: The movement of rupiah exchange against US dollar at this morning's trade opened slightly lower. By a step, rupiah was even heading to the level of Rp13,700 per USD.

As quoting Bloomberg, Monday (11/2/2015), the rupiah movement opened weaker at Rp13,672 per USD, after it closed at the position of Rp13,684 per USD. Rupiah weakened by nine points, or equal to 0.07 percent.

The range of rupiah movement this morning is at the level of Rp13,634 to Rp13,683 per USD, with the year-to-date return of 10.46 percent. Currently, rupiah is at the position of Rp13,675 per USD.

Meanwhile, based on Yahoo Finance data, rupiah is at the position of Rp13,655 per USD. Rupiah even weakened by 118 points, or equal to 0.86 percent to the position of Rp13,680 per USD.

Analysis from Samuel Sekuritas elaborated that rupiah is pressed up to Friday afternoon, although the sentiment of US dollar weakening is even felt in the Asian financial markets.

"It is the postponement of the State Budget Draft for 2016 that sends out the worries over the market, especially its relations with the government expense determining the growth prospect," said the analyst of Samuel Sekuritas, Rangga Cipta, in his research report.

However, he continued that the legitimation of the 2016 State Budget Draft on Friday evening should be able to reduce the stress against rupiah, moreover if the dollar weakening sentiment still exists, as well as if the inflation rate for October went down significantly, as predicted to 6.3 to 6.4 percent YoY.