Indonesian Rupiah Exchange Rate Increases

Jakarta – The exchange rate of the Indonesian Rupiah against the US Dollar in the spot market increases on Thursday (April 18). The Rupiah strengthened by 48 points or 0.29 percent to reach IDR 16,172 per USD.

Based on the latest Jakarta Interbank Spot Dollar Rate (JISDOR) reference rate from yesterday evening, the Rupiah was set at IDR 16,240 per USD.

Garuda Berjangka analyst, Ibrahim Assuaibi, predicted that the Rupiah to close stronger against the US dollar.

"The Rupiah's currency is fluctuating, but (it is expected to) close stronger," said Assuaibi in his research on Thursday.

Assuaibi highlighted the International Monetary Fund (IMF), which has maintained its projection for Indonesia's economic growth in 2024 at 5 percent.

"The IMF has not changed its projection for Indonesia's economy at 5 percent. At least, the IMF has been consistent in its outlook for the country's economy in three consecutive reports," he explained.

He further said that although the IMF has maintained its economic outlook for this year, it has raised Indonesia's economic projection for 2025 to 5.1 percent from the previous 5 percent.

"This is in line with the IMF's statement that developing countries within the G20, including Indonesia, play a significant role in global economic activity. Indonesia is the largest primary producer for energy transition, namely nickel," Assuaibi said.

He predicted that the exchange rate of the Rupiah against the US Dollar will close stronger in the range of IDR 16,170 to IDR 16,250.