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Rupiah Extends Depreciation Amid Political Uncertainty

JAKARTA – The rupiah exchange rate extended its depreciation at the end of trading this week on Friday (16/3/2018), when other currencies in Asia moved varied amid political uncertainty in the United States.

The rupiah closed slightly 0.01% or 2 points lower at Rp13.751 per US dollar, after opening 19 points or 0.14% down at Rp13.768 per US dollar.
On Thursday (15/3), the rupiah ended down 0.11% or 15 points at 13,749, breaking the appreciation rally for four consecutive days before.

During today’s trading, the rupiah moves in the range of Rp13,745 – Rp13,773 per US dollar.

Meanwhile, the 0.6% rise in the Japanese yen led the strengthening of some currencies in Asia at 1725 GMT, while the Indian rupee and South Korean won eased 0.06% each, leading to the depreciation of several other Asian currencies.

On the other hand, the US dollar index, which measures the strength of the US dollar against a basket of major currencies today, was down 0.18% or 0.164 points to 89.975 at 17.10 WIB.

 

Earlier, the greenback index opened in the green zone fell 0.010 points or 0.01% at 90.129, after trading on Thursday (15/3) ended up 0.48% or 0.435 points at 90.139.

Launched by Bloomberg, the yen led the strengthening of currencies in Asia today following news of US President Donald Trump’s plan to get rid of his national security adviser.

The latest news sparked widespread concern about the future of Trump’s foreign policy while simultaneously boosting the appeal of safe-haven assets amid political uncertainty.

Reports that Special Counsel Robert Mueller issued a summons to the Trump Organization also raised concerns about political uncertainty in the United States.

The next investor will be looking forward to the US Federal Reserve’s policy meeting for future US benchmark interest rates.

“Given the concerns surrounding protectionism, investors have been cautious about currencies in Asia. But the market can remain calm ahead of next week’s FOMC meeting with a major focus on its guidance, “said Dushyant Padmanabhan, currency strategist at Nomura Holdings.

Graph of stocks: Beginning Year Until March 2018

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Written by DI

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