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Rupiah has limited opportunity to strengthen as US bond yields fall

The rupiah exchange rate may be able to strengthen limitedly today following the correction in US government bond yields. The 10-year tenor tumbled below the 1.6 percent level at 1.57 percent

Jakarta (ANTARA) – The rupiah exchange rate transacted between banks in Jakarta on Wednesday has a limited chance of strengthening as the yield on US government bonds declines.

At 9:40 WIB, the rupiah strengthened 3 points or 0.02 percent to a position of Rp. 14,215 per US dollar compared to the position at the close of the previous trade of Rp. 14,218 per US dollar.

“The rupiah exchange rate may be able to strengthen limitedly today following the correction in the yield of US government bonds. The 10-year tenor yield was corrected below the 1.6 percent level at 1.57 percent,” said money market analyst Ariston Tjendra when contacted in Jakarta, Wednesday.

According to Ariston, the strengthening of the rupiah is still supported by the increase in commodity prices, especially mining, which can increase Indonesia’s trade surplus.

But on the other hand, he continued, the market is still wary of the threat of a global economic slowdown due to rising prices and stagnation in energy supply, as well as the US tapering policy that may be implemented in November.

“These issues pushed the market out of risky assets and could limit the strengthening of the rupiah,” said Ariston.

Domestically, the daily number of COVID-19 cases on Tuesday (12/10) reached 1,261 cases, bringing the total number of confirmed cases of COVID-19 to 4.23 million.

Meanwhile, the number of deaths due to exposure to COVID-19 reached 47 cases, bringing the total to 142,763 cases.

Meanwhile, the number of recovered cases increased by 2,130 cases, bringing the total recovered patients to 4.07 million cases. Thus, the total active cases of COVID-19 reached 21,625 cases.

For vaccination, the number of people who have been injected with the first dose of vaccine reached 101.36 million people and 58.41 million people from the target of 208 million people who were vaccinated.

Ariston said that today’s rupiah has the potential to strengthen to the range of Rp. 14,200 per US dollar with potential resistance at around Rp. 14,230 per US dollar.

On Tuesday (12/10), the rupiah closed down 10 points or 0.07 percent to a position of Rp. 14,218 per US dollar compared to the position at the close of the previous trade of Rp. 14,208 per US dollar.

Reporter: Citro Atmoko
Editor: Ahmad Buchori
COPYRIGHT © (KABARIN)2021

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