Rupiah Weakens, Banks Sell US Dollar Above Rp 16,000
Rupiah Slides against Dollar, Reaching 16,000 Mark
Jakarta - The Indonesian rupiah continued its downward trend against the US dollar on Friday, December 13, 2024, closing at a concerning 16,008 rupiah per dollar, according to Bloomberg data. This represents a 0.40% drop, or a 64-point decrease. RTI Business reported a slightly lower figure of 15,990 rupiah per dollar.
This weakening of the rupiah has also impacted exchange rates offered by major Indonesian banks.
As of Friday, December 13, 2024, most banks were selling US dollars at around 16,000 rupiah. Hear’s a breakdown:
PT Bank Central Asia (BCA): e-Rate: 16,020 rupiah (buy: 15,990 rupiah); TT Counter: 16,155 rupiah (buy: 15,855 rupiah)
PT Bank Rakyat Indonesia (BRI): e-Rate: 16,050 rupiah (buy: 15,960 rupiah); TT Counter: 16,155 rupiah (buy: 15,855 rupiah)
PT Bank Negara Indonesia (BNI): e-Rate: 16,065 rupiah (buy: 15,965 rupiah); TT Counter: 16,140 rupiah (buy: 15,860 rupiah)
PT Bank Mandiri: e-Rate: 15,965 rupiah (buy: 15,945 rupiah); TT Counter: 16,050 rupiah (buy: 15,700 rupiah)
Bank Tabungan Negara (BTN): TT Counter: 16,095 rupiah (buy: 15,845 rupiah)
PT Bank CIMB Niaga: Selling price: 16,009 rupiah (buy: 15,998 rupiah)
The continued weakening of the rupiah raises concerns about the potential impact on the Indonesian economy, particularly on imports and inflation.
Rupiah Plunges Past 16,000 Mark Against Dollar: Expert Weighs In
Jakarta – The Indonesian rupiah has breached a notable psychological barrier,trading at 16,008 against the US dollar on Friday,December 13,2024,according to Bloomberg data. This marks a 0.40% decline, or a 64-point drop, sending shockwaves through the financial market.
To understand the implications of this weakening trend, Newsdirectory3.com interviewed prominent economist Dr. Lindiani Suwardi, a senior lecturer at the University of Indonesia.
Newsdirectory3.com: Dr. Suwardi, the rupiah has been consistently sliding against the dollar in recent weeks. What factors are contributing to this current weakness?
Dr. Suwardi: Several factors are at play. Globally, the strong US dollar, fueled by the Federal Reserve’s aggressive interest rate hikes, is putting pressure on emerging market currencies, including the rupiah.
Domestically, Indonesia’s widening trade deficit and concerns about slowing economic growth are adding to the downward pressure on the rupiah.
Newsdirectory3.com: The rupiah’s depreciation has impacted exchange rates offered by major banks.We’re seeing rates hovering around the 16,000 mark. What are the potential consequences of a weaker rupiah for the Indonesian economy?
Dr. Suwardi:
A weaker rupiah makes imports more expensive, which can contribute to inflationary pressures.This can erode purchasing power and possibly slow down economic growth.
On the other hand, it can make Indonesian exports more competitive in the global market, potentially boosting export revenue.
Newsdirectory3.com:
What measures can the Indonesian government take to stabilize the rupiah and mitigate the negative impacts of a weakening currency?
Dr. Suwardi: The government can deploy several measures, such as tightening monetary policy to curb inflation and attract foreign investment. While efforts to diversify the economy and boost exports woudl help reduce reliance on imports, these are long-term solutions.
Newsdirectory3.com: Thank you for your insights, Dr. Suwardi.