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Dream - Minister of Finance (Menkeu) Sri Mulyani Indrawati revealed the factors behind the weakening of the exchange rate of the Indonesian Rupiah against the US Dollar. The exchange rate of the Rupiah against the US Dollar weakened to a level of Rp16,431 as of May 2024.
The National Treasurer explained that one of the weaknesses of the Rupiah exchange rate is triggered by the policy of the US central bank, The Federal Reserves, which insists on not lowering its reference interest rate.
The Fed's decision has caused the value of the US dollar to strengthen against other world currencies, including the Rupiah. "On a global scale, it is now becoming more confirmed that the federal interest rate will not experience as much decrease as the market had expected," he said.
Quoting Merdeka.com, Thursday, July 27, 2024, explained that market participants initially estimated that The Fed would lower interest rates 4 to 5 times this year. However, those assumptions were wrong.
"Apparently, they are still experiencing a stable position at 5.5 and there are no signs that they will lower it soon," said Sri Mulyania."
It is known that the exchange rate of the Rupiah has weakened by 6.58 percent since the beginning of the year or year to date (ytd) against the US dollar index. "The depreciation of the currency, including the Rupiah, has experienced a depreciation of 6.58 percent ytd," she said. However, Sri Mulyani claimed that the depreciation of the Rupiah exchange rate is still better compared to the currency of Brazil. In fact, the exchange rate of the Garuda currency is also considered stronger compared to the Japanese yen.
"With some other emerging countries, like Brazil, its depreciation is much deeper, or if you are now only following Japan experiencing a very deep depreciation," he said.
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