Powerful Rupiah, closed at 15,246 IDR/USD

Posted On: August 24, 2023

Jakarta: The exchange rate of the rupiah against the US dollar (USD) strengthened on Thursday afternoon compared to this morning’s open at 15,257 Rp for 1 USD. It is hoped that the strengthening will continue and in the future the Garuda currency can return to the position of IDR 14,000 per USD.

To quote Bloomberg, Thursday, August 24, 2023, the rupiah exchange rate in afternoon trade ended at IDR 15,246, strengthening by 49 points or the equivalent of 0.32 percent against the opening this morning. Today, the Rupee exchange rate is fluctuating between Rp 15,240 and Rp 15,285 per USD. During this time according to Yahoo finance, the rupee exchange rate is IDR 15,190 per USD.

The US dollar has weakened

Meanwhile, the US dollar weakened against a basket of other major currencies at the close of trade on Wednesday (Thursday morning WIB). The S&P Global Manufacturing Purchasing Managers’ Index (PMI) showed business activity in the US private sector was at a weaker pace in early August.

The dollar index that measures greenbacks against six main rivals, it was down 0.14 percent at 103.4197 at the end of the session. At the close of trading in New York, the euro rose to $1.0858 from $1.0852 the previous session, and the pound fell to $1.2716 from $1.2738.

The US Dollar bought 144.7830 Japanese Yen, down from 145.8630 Japanese Yen in the previous session. The US dollar fell to 0.8778 Swiss francs from 0.8800 Swiss francs, and it fell to 1.3542 Canadian dollars from 1.3552 Canadian dollars. The US dollar fell to 10.9193 Swedish kronor from 10.9374 Swedish kroner.

S&P Global reported that the preliminary U.S. composite PMI, which tracks the manufacturing and services sectors, fell to 50.4 in August from 52 in July. This is the biggest drop since November 2022.

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This data could be seen positively by the Federal Reserve, which wants to see moderate activity to bring down inflation. The US Dollar came under pressure and erased its daily gains after the PMI data.

European PMIs also collapsed

On the other hand, the Eurozone PMI also saw a decline to 47 in August from 48.6 in July, released earlier. The services sector PMI fell from 50.9 in July to 45.2 in August, the first time it has fallen below 50 this year.

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(ABD)

Vince Corbyn

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