Report on the movement and exchange rate of the rupiah exchange against the US dollar today, Monday 14 April 2022
The rupiah exchange rate closed slightly higher against the United States (US) dollar in today’s trading, Wednesday (13/4/2022).
Based on data from Bloomberg at 15.00 WIB, Garuda’s currency closed slightly higher by 3 points or 0.02 percent to the level of Rp. 14,362.5 per US dollar. The rupiah closed higher along with other Asian currencies, namely the South Korean won which rose 0.68 percent, the Thai baht strengthened 0.10 percent, and the Malaysian ringgit strengthened 0.04 percent.
Meanwhile, the dollar index in the spot market rose 0.04 points or 0.04 percent to 100.33. Director of PT TRFX Garuda Berjangka Ibrahim Ascustombi said the rupiah is likely to close higher.
“For today’s trading, the rupiah currency may be opened to fluctuate but closed higher in the range of Rp. 14,350 – Rp. 14,380,” he said quoted Thursday (14/4/2022).
Several factors have the potential to be a catalyst for the movement of the rupiah. From a global perspective, investors are digesting the Reserve Bank of New Zealand’s (RBNZ) biggest interest rate hike in 22 years. The RBNZ raised its interest rate to 1.5 percent.
Some investors also expect the central bank to continue its tightening trend. The Bank of Canada will give its own policy decision later in the day, with the European Central Bank and Bank of Korea following on Thursday.
In Europe, hopes for a resolution to the war in Ukraine sparked by Russia’s February 24 invasion were rapidly dimming after Russian President Vladimir Putin described peace negotiations as an overnight “stalemate”.
In addition, investors digested Tuesday’s inflation data from the US and expect that price pressures have mounted. Data showed that the consumer price index (CPI) rose 8.5 percent yoy in March, its highest level since late 1981.
The war, sparked by Russia’s invasion of Ukraine on February 24, shows no sign of ending and Russian President Vladimir Putin has also vowed to press ahead. The US is also expected to send more weapons to Ukraine.
Meanwhile, from the domestic side, the government estimates that Indonesia’s economic growth will be in the range of 4.8-5.2 percent and the economy will move at the midpoint of around five percent.
The economy will still be influenced by the development of indicators in March. Meanwhile, for this year, the Indonesian economy is predicted to grow between 4.8-5.5 percent.