Rupiah appreciates against greenback after presidential inauguration

This morning, the Asian major currencies, including the Japanese yen, Hong Kong dollar, and Singapore dollar, opened higher against the US dollar, thus offering a sentiment to the strengthening of the rupiah.

Jakarta (ANTARA) – The rupiah strengthened against the greenback in the Jakarta interbank market, Monday morning, after Joko Widodo (Jokowi) and Ma’ruf Amin were inaugurated respectively as president and vice president for the 2019-2024 period a day earlier.

The rupiah’s appreciation against the US dollar is forecast all through the day along with the positive trend of Asian currencies, Samuel Aset Manajemen economist Lana Soelistianingsih remarked in Jakarta on Monday.

“This morning, major Asian currencies, including the Japanese yen, Hong Kong dollar, and Singapore dollar, opened higher against the US dollar, thereby offering a sentiment to the strengthening of the rupiah,” she noted.

In his inaugural address on Sunday, President Jokowi shed light on five key steps that will become the government’s main focus during his second term of office

The five focus areas pertain to the development of human resources, infrastructure development, regulation simplification, bureaucratic simplification, and economic transformation.

These steps aim to realize national ideals in 2045 when the country’s per capita income is projected to reach Rp320 million, with the national gross domestic product (GDP) estimated at US$7 trillion and poverty rate kept down to close to zero percent, thereby making Indonesia the world’s fifth-largest economy.

Lana has forecast the rupiah to hover in the range of Rp14,120 to Rp14,140 per US dollar on Monday.

At 10:01 a.m. local time on Monday, the rupiah climbed 20 points, or 0.14 percent, to reach Rp14,128 per US dollar than Rp14,148 per US dollar earlier.

According to the Bank Indonesia mid-rate on Monday, the rupiah strengthened to Rp14,132 per US dollar than Rp14,140 per US dollar earlier.

Source: ANTARA News