Jakarta: The rupiah exchange rate (rupee exchange rate) against the US dollar weakened during trading on Wednesday morning.
The rupee’s weakening against the superpower currency was driven by rising US Treasury yields and expectations that the Federal Reserve could keep its interest rates higher for longer.
Data-driven BloombergOn Wednesday, October 4, 2023, the rupiah was at Rp. 15,634 per USD, weakening by 54 points or 0.35 percent.
As we know, the dollar index, which measures greenbacks Against six major currencies, it rose 0.09% to 107.0062 in late trading, reaching its highest one-day level since November 22.
US bond yields
US bond yields hit their highest level in 16 years on Tuesday. This puts upward pressure on the dollar.
Based on FactSet Data, Traders Pay Attention to Bond Yields Treasury The 30-year term rose 12.4 basis points in recent trading to 4.899 percent and hit its highest level since late 2007.
The weakening did not occur only in the rupee: at the end of trading in New York, the euro fell to 1.0473 US dollars from 1.0492 dollars the previous session, and the pound sterling fell to 1.2085 US dollars against 1.2105 dollars.
The US dollar rose to 1.3710 Canadian dollars from 1.3673 Canadian dollars in the previous session. The US dollar bought 148.9180 Japanese yen, lower than 149.7380 Japanese yen in the previous session.
The US dollar rose from 0.9169 Swiss francs to 0.9211 Swiss francs and 11.0918 Swedish crowns from 11.0539 Swedish crowns.
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