Thursday, 5 Syawwal 1441 / 28 May 2020

Thursday, 5 Syawwal 1441 / 28 May 2020

Rupiah loses more value against dollar

Senin 08 Oct 2018 13:25 WIB

Red: Reiny Dwinanda

Rupiah weakening. (Illustration)

Rupiah weakening. (Illustration)

Foto: Foto : MgRol112
On Monday morning trading, rupiah transacted at the level of 15,183 per U.S. dollar.

REPUBLIKA.CO.ID, JAKARTA -- The Indonesian currency rupiah lost more value in inter-bank transaction on Monday morning trading at the level of 15,183 per U.S. dollar. Earlier, rupiah transacted at 15,150 earlier.

Economist from the Samuel Aset Manajemen, Lana Soelistianingsih, said an increase in the yield of the U.S. bonds drew more funds to the U.S. market giving greater strength to the U.S. dollar.

"The yield on the U.S. government's 10-year bonds rose to 3.22 percent or the highest since May 2011," Lana said.

She said the rise in the yield of the U.S. government bond followed the reaction of the market players to decline in unemployment rate in the world's largest economy to 3.7 percent in September.

Also read: Rupiah weakens due to external factors: Jokowi

However, Bank Indonesia will likely move to prevent the rupiah from falling deeper in value, he said. He predicted rupiah will hover at the level of 15,180-15,190 per dollar.

Meanwhile, senior analyst of CSA Research Institute Reza Priyambada said the rising trend of the oil price in the world market and shrinking foreign exchange reserve contributed to rupiah weakening.

"Indonesia needs much dollar to finance oil imports resulting in further decrease in the country's foreign exchange reserve," Reza.

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