3 weeks ago
9
October 21, 2024 | 06:09 pm
TEMPO.CO, Jakarta - Rupiah closes weaker by 22.5 points at Rp15,503.5 per US dollar on Monday, October 21, 2024. Director of PT Laba Forexindo Berjangka, Ibrahim Assuabi, said this weakening was a sign of the waning positive market response to the inauguration of President Prabowo Subianto.
According to Ibrahim, the bloated cabinet members of Prabowo’s government prompted a negative market response. Moreover, he said, some names in the cabinet lineup announcement yesterday seemed to be shrouded in a “returning-the-favor” atmosphere.
Yesterday, Ibrahim projected that Prabowo’s inaugural speech would have a positive impact on the market since the president touched on various economic issues. Ibrahim also predicted the rupiah exchange rate would strengthen in the following week, estimating the currency to achieve 15,000 level this month. This, Ibrahim said, would be able to boost Indonesia's economy in a more positive direction.
"This speech is likely to create a potential positive impact for the market," Ibrahim said in his statement on Sunday, October 20, 2024.
Meanwhile, considering the external aspect today, Ibrahim noted that the US dollar index has strengthened due to the increasing chances of Donald Trump ahead of the U.S. presidential election in the upcoming two weeks. He said this was evident from several polls showing Trump slightly ahead of his rival, Kamala Harris.
In addition, he underlined the People's Bank of China cutting the loan prime rate (LPR) more than the market's estimates. He explained that the LPR cut occurred amidst a series of stimulus measures from Beijing, most of which were anticipated by the market. Beijing launched its most aggressive round of stimulus efforts last month, combining monetary and fiscal measures to boost economic growth.
Editor’s Choice: Nadiem Makarim Hands Over Position to Three New Ministers in Prabowo's Cabinet
Click here to get the latest news updates from Tempo on Google News
Who is Sugiono? From Prabowo's 'Ideological Child' to Indonesia's New Foreign Minister
51 menit lalu
Sugiono is known to have a wealth of extensive experience both in the military and in politics.
Nadiem Makarim Hands Over Position to Three New Ministers in Prabowo's Cabinet
3 jam lalu
Nadiem Makarim carried out the handover of duties to three new ministers in the fields of education, culture, as well as science and technology.
Support for Prabowo's Govt Remains Strong for PDIP Despite Absence of Cabinet Seats
4 jam lalu
Secretary General of Gerindra Party, Ahmad Muzani, also stated that PDIP will not be an opposition to Prabowo's government.
Luhut Pandjaitan Joins Prabowo's Govt as National Economic Council Chief
5 jam lalu
President Prabowo Subianto inaugurated Luhut Binsar Pandjaitan as the head of the National Economic Council today, Monday, October 21, 2024.
Bobby, Prabowo's Beloved Cat, From Kertanegara Until Staying at the Presidential Palace
6 jam lalu
Indonesian President Prabowo takes his cat Bobby to live with him at the Presidential Palace.
President Prabowo Officially Inaugurates Ministers of Red and White Cabinet
7 jam lalu
Prabowo led the oath-taking ceremony of the Red and White Cabinet ministers today.
BMKG Logs 6 Felt Earthquakes in Indonesia on Sunday, Coincides Presidential Inauguration
7 jam lalu
BMKG recorded 6 felt earthquakes from Aceh to Sorong throughout Sunday, October 20, 2024, on the day of Prabowo's inauguration.
Complete List of Deputy Ministers in Prabowo's Red and White Cabinet
8 jam lalu
Indonesian President Prabowo says that he would inaugurate his deputy ministers on Monday afternoon, October 21, 2024
President Prabowo to Inaugurate Ministers and Deputy Ministers This Afternoon
12 jam lalu
Indonesian President Prabowo will inaugurate the ministers of the Red and White Cabinet today, Monday, October 21, 2024.
4 Countries with the Largest Cabinets
19 jam lalu
Here is a list of four countries with the largest cabinets, regardless of their size or population.
