The Indonesian rupiah bounced back to the 16150 per USD level in late April, after touching a four-year low of 16330 per USD early in the month, but is still down about 5% so far this year. It aligns with trends observed across Asia's forex markets with the Federal Reserve's expected high interest rates and geopolitical instability in the Middle East driving a significant uptick in the US dollar. A lackluster outlook for the Chinese economy and China’s weak yuan fix was also weighing while the weakening of the rupiah is further exacerbated by current account deficits and capital outflows stemming from risk aversion. In response to the recent market volatility, the central bank implemented measures to stabilize the rupiah, including a 25 basis points increase in borrowing costs on April 24th.
The USDIDR increased 62.0500 or 0.38% to 16,259.5500 on Friday April 26 from 16,197.5000 in the previous trading session. Historically, the Indonesian Rupiah reached an all time high of 16800 in June of 1998. Indonesian Rupiah - data, forecasts, historical chart - was last updated on April 26 of 2024.
The USDIDR increased 62.0500 or 0.38% to 16,259.5500 on Friday April 26 from 16,197.5000 in the previous trading session. The Indonesian Rupiah is expected to trade at 15975.22 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 16357.20 in 12 months time.