The rupee strengthens against the US dollar

Jakarta: The Rupee strengthened amid a rising US Dollar. The rupee is moving in a range below IDR 15,600 to 1 USD. The rupiah’s rise came as the US dollar saw positive sentiment in response to the Fed’s interest rate move.

Bloomberg noted that the rupiah strengthened by 21 basis points to reach a level of IDR 15,598 per USD at the close of trading on Friday, December 16, 2022. Yahoo finance launched the rupiah at the level of Rp 15,594 per USD, an increase of 20 basis points.

The signal from the Indonesian economy which is still strong is a trigger for the strength of the Garuda currency. The Indonesian economy is expected to continue to strengthen in 2023 when other countries experience recession due to high interest rates. It is a trigger for the resilience of the rupee.

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Meanwhile, the United States (US) dollar strengthened late in Thursday’s local time session. This gain was fueled by a hawkish message from the Federal Reserve.

Throw xinhuathe dollar index, which measures greenbacks against six major currencies, it jumped 0.76% to 104.5570 at the end of New York’s session on Thursday.

The Euro fell to US$1.0634 from US$1.0669 in the previous session, and the British Pound fell to US$1.2190 from US$1.2400 in the previous session.

The US dollar bought 137.73 Japanese yen, higher than 135.34 Japanese yen in the previous session. The US dollar fell from 0.9244 Swiss francs to 0.9282 Swiss francs and from 1.3551 Canadian dollars to 1.3650 Canadian dollars. The US dollar fell from 10.1902 Swedish kronor to 10.3259 Swedish kroner.

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Robert Butler

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