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Jakarta: The rupiah weakened at the opening of trade today. The rupee currency benefited from sentiment from positive data from the United States.

Launch Betweenthe rupiah exchange rate (exchange rate) against the US dollar traded between banks in Jakarta on Thursday morning, November 23, 2023, weakened by 0.22 percent or 35 points to IDR 15,610 per USD against 15,575 IDR per previous USD.

The US dollar strengthened against other major currencies in late trading on Wednesday (Thursday morning WIB) following economic data showing a larger-than-expected drop in the number of Americans filing new claims for unemployment benefits last week.

The dollar index, which measures the value of the dollar against six major currencies, strengthened 0.34 percent to 103.9241, up from its lowest level in two and a half months.

The U.S. Department of Labor said unemployment claims fell by 24,000 claims to 209,000 claims, the lowest level in more than a month. A total of 1.84 million Americans received unemployment benefits in the week ending November 11, a decrease of 22,000 from the previous week.

Rubeela Farooqi, chief U.S. economist at High Frequency Economics, said job growth remained strong, the unemployment rate remained historically low and businesses had not begun to significantly reduce their workforces.

“We expect labor demand to decline in the future as the impact of restrictive monetary policy spreads more widely across the economy,” Farooqi said.

Global currency trading

By the end of trading in New York, the euro fell to $1.0884 from $1.0915.

The British pound fell to US$1.2490 from US$1.2540 after UK Finance Minister Jeremy Hunt announced tax cuts for workers ahead of the 2024 election and provided permanent incentives for business investment.

At the same time, the US dollar also strengthened against the Japanese yen by reaching 149.5760 Japanese yen, higher than 148.3330 yen in the previous session. The US dollar rose from 0.8838 Swiss francs to 0.8841 Swiss francs.

Furthermore, the US dollar strengthened to 1.3702 Canadian dollars from 1.3699 Canadian dollars and the US dollar strengthened to 10.4890 Swedish crowns from 10.4590 Swedish crowns.

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(PSL)