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Rupiah Strengthens Supported by Recovering US Labor Market

Indonesian RupiahJAKARTA – The rupiah exchange rate (exchange rate) which was trade between banks in Jakarta at the weekend move stronger. Supported by the recovery in the labor market in the United States. On Friday (12/3) at 9.55 WIB, the rupiah moved up 33 points or 0.23 percent to Rp 14,372 per US dollar. Compared to the position at the previous closing trade of Rp 14,405.

Samuel Sekuritas analyst Ahmad Mikail in his study said the dollar index may weaken to a level of 91.3 today. Amid improving US labor market data. Initial jobless benefit claims in the US in the first week of March 2021 were record at 712 thousand people. Lower than expectations of 725 thousand people indicating a recovery in the US labor market.

“The data is likely to encourage risk apatite for global investors to buy riskier financial assets in developing countries,” said Ahmad.

Based on Bloomberg data, on Friday (12/3/2021) the rupiah exchange rate on the spot market closed up 20 points or 0.14 percent to the level of Rp14,385 per US dollar. Meanwhile, the US dollar index was observed to gain 0.331 points or 0.36 percent to 91.75.

Meanwhile, the 10-year US bond yield is likely to stabilize at 1.53 percent. The US consumer price index data for February that matched market expectations is likely to keep US bond yields stable.

It was note that the US consumer price index rose 1.7 percent on an annual basis (yoy) in February. In line with analyst expectations. “The decline in the dollar index and the stable yield of the US treasury will likely help strengthen the rupiah,” said Ahmad on economic and financial news.

Rupiah is predicted to continue to strengthen

The rupiah exchange rate against the dollar at the Jakarta Interbank Spot Dollar Rate (JISDOR) is estimated to strengthen to a level of Rp 14,350 per US dollar. Last Wednesday (10/3), the rupiah closed stagnant, or the same as the previous day’s position at Rp. 14,405 per US dollar.


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