Tuesday, 21 September 2021 | 01:00 WIB

Rupiah Edges Down as Domestic Demand for Forex Increases

Rupiah Edges Down as Domestic Demand for Forex Increases (antaranews)

JAKARTA, NETRALNEWS.COM - Rupiah exchange rate against the US dollar at the interbank level in is closed on the downtrend on Wednesday, in line with the increasing demand from the domestic market for foreign exchange (forex).

The rupiah was closed 17 points lower or by 0.12 percent to IDR14,290 per US dollar, as compared to the position at the previous closing trade of IDR14,273 per US dollar.

Bank Mandiri analyst Rully Arya Wisnubroto, said in Jakarta on Wednesday (05/19/2021) that the rupiah's correction today was a bit anomalous, considering that the dollar actually tended to weaken against several other currencies.

"It is a bit of an anomaly after Eid. Maybe also due to technical factors, and there is also a large domestic demand for foreign exchange for dividend payments and capital repatriation," said Rully.

The dollar index, which measures the dollar's strength against other major currencies, is currently still below the 90 level, which is at 89.884.

Meanwhile, the yield on 10-year US bonds is currently at the level of 1.664 percent, down from the previous closing position of 1.642 percent.

However, Rully considered the anomaly in the rupiah movement was only temporary.

"It seems that the current balance of the rupiah is in the range of IDR14,300," he said.

The rupiah opened lower in the morning to IDR14,295 per US dollar. During the day, the rupiah moved in the range of IDR14,288 per US dollar to IDR14,320 per US dollar.

Meanwhile, the Jakarta Interbank Spot Dollar Rate (JISDOR) on Tuesday weakened to IDR14,313 per US dollar, as compared to the ponsition of IDR14,300 per US dollar at the previous close of trading.