Indonesian Rupiah Opens Weaker Against US Dollar

Currency Market Dynamics

The Indonesian rupiah opened 0.02% weaker against the US dollar on Friday, trading at Rp16,639 per USD. This movement follows a broader trend in Asian currencies, with several regional currencies also experiencing depreciation against the USD. The US dollar index rose 0.08% to 99.61, reflecting changing market expectations about future monetary policy in the United States.

Regional Currency Trends

The rupiah's performance was mirrored by other Asian currencies, with:

• Japanese yen depreciating 0.03%
• Hong Kong dollar weakening 0.02%
• Taiwanese dollar falling 0.06%
• South Korean won correcting 0.14%
• Indian rupee weakening 0.04%

Conversely, some regional currencies showed strength:

• Thai baht gaining 0.02%
• Malaysian ringgit rising 0.10%
• Philippine peso rising 0.02%
• Singapore dollar rising 0.02%

Market Expectations and US Dollar Performance

The US dollar index showed mixed performance after its worst weekly showing since late July. While it was up 0.1% to 99.62 at one point, this represented a recovery from five consecutive days of decline. Market participants are increasingly pricing in a higher probability (87% as per Fed Funds Futures) of interest rate cuts by The Fed at their December meeting.

Indonesian Bank Exchange Rates

Major Indonesian banks adjusted their USD exchange rates as follows:

1. Bank Central Asia (BBCA):

   • E-rate: Rp16,645 (buy) / Rp16,665 (sell)
   • TT Counter: Rp16,465 (buy) / Rp16,765 (sell)
   • Bank Notes: Rp16,465 (buy) / Rp16,765 (sell)

2. Bank Rakyat Indonesia (BBRI):

   • E-rate: Rp16,633 (buy) / Rp16,660 (sell)
   • TT Counter: Rp16,545 (buy) / Rp16,745 (sell)

3. Bank Mandiri (BMRI):

   • Special Rate: Rp16,620 (buy) / Rp16,650 (sell)
   • TT Counter: Rp16,475 (buy) / Rp16,775 (sell)
   • Bank Notes: Rp16,450 (buy) / Rp16,750 (sell)

4. Bank Negara Indonesia (BBNI):

   • Special Rates: Rp16,641 (buy) / Rp16,671 (sell)
   • TT Counter: Rp16,490 (buy) / Rp16,790 (sell)
   • Bank Notes: Rp16,490 (buy) / Rp16,790 (sell)