JABAR EKSPRES — The rupiah exchange rate (kurs) transacted between banks in Jakarta in early trading on Tuesday weakened amid the strengthening of the US dollar index (DXY).
The rupiah on Tuesday (18/4) morning opened, slipping 15 points or 0.10 percent to Rp14,809 per US dollar compared to the position at the close of previous trade of Rp14,794 per US dollar.
“Overseas, the US dollar exchange rate has tended to strengthen in recent times, influenced by positive developments in US economic data,” said Mirae Asset Sekuritas economist Rully Arya Wisnubroto.
Rully said that currently the US dollar index USD (DXY) is back above the 102 level, the first time in the last four days.
Economic data released on Monday (17/4/2023) was mixed. The Empire State Fed New York business conditions index, a measure of manufacturing activity in the state, jumped 35.4 points to 10.8 in April.
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The dollar was also lifted after data on New York state factory activity in April increased for the first time in five months, helping to raise expectations the Federal Reserve will keep raising interest rates in May.
The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) rose one point to 45 in April. Housing developers remain cautiously optimistic that the lack of existing inventory will drive demand for new homes, despite high interest rates and construction costs.
Meanwhile domestically, the market responded negatively to the release of Indonesia’s trade balance data which recorded a much lower-than-expected surplus.
The Central Bureau of Statistics (BPS) noted that the goods trade balance in March 2023 returned to a surplus for the 35th time with a value of 2.91 billion US dollars.
The March 2023 surplus was supported by non-oil and gas commodities which reached US$4.58 billion with the main surplus contributing commodities being mineral fuels HS 27, vegetable animal fats and oils HS 15 and iron and steel HS 72.
