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December 30, 2024 | 06:37 pm
TEMPO.CO, Jakarta - The Indonesian currency rupiah closed stronger on Monday, December 30, 2024. The director of PT Laba Forexindo Berjangka Ibrahim Assuaibi estimates that the rupiah will strengthen again ahead of the new year.
Bloomberg reported that rupiah previously closed at Rp16,235 per US dollar, which has climbed 92 points to the level of Rp16,142 per US dollar.
Ibrahim predicts the trend will continue tomorrow, with the rupiah fluctuating but closing stronger at the range between Rp16,100 and Rp16,150 per dollar.
Bank Indonesia's Jakarta Interbank Spot Dollar Rate (JISDOR) also confirmed that the rupiah has strengthened against the dollar today, after an exchange rate of Rp16,251 per US dollar over the weekend.
Ibrahim attributes the strengthening to several contributing factors, including the low trading volume due to the looming New Year holiday and empty daily data this week. China will release the PMI factory survey on Tuesday, while the American manufacturing indicator survey for December will be released on Friday.
Another factor was that consumer price index inflation in the Japanese capital grew more than expected in December, due to rising price pressures. Government data shows there remains a chance of a short-term rate-hike by the Bank of Japan (BoJ). Ibrahim said some Bank of Japan policymakers see conditions favoring a rate hike.
On Friday, South Korea's acting president, Prime Minister Han Duck-soo, faced an impeachment vote amid a political crisis triggered by impeached President Yoon Suk Yeol's short-lived martial law.
“The push to impeach Han has deepened the crisis, putting the country's democracy in limbo and raising concerns from allies,” Ibrahim said.
Separately, the World Bank has raised its forecast for China's economic growth in 2024 and 2025. But it warned that household confidence, sluggish business, and bottlenecks in the property sector will remain challenges next year.
Editor’s Choice: 10 Cheapest Currencies in the World 2024, Indonesia is on the List
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