13 hours ago
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January 21, 2025 | 06:05 pm
TEMPO.CO, Jakarta - The rupiah closed stronger at 16,343 per US dollar today, said Ibrahim Assuaibi, the director of PT Laba Forexindo Berjangka.
Bloomberg reported that the rupiah strengthened 24 points from the previous closing at Rp16,367 per US dollar. Ibrahim expects on Tuesday, January 21, for the trend to continue tomorrow, with the rupiah closing between Rp16,300 to Rp16,350 per US dollar.
Bank Indonesia's Jakarta Interbank Spot Dollar Rate (Jisdor) also recorded the Indonesian currency strengthening. Over the weekend, Rupiah was valued at Rp16,372 per US dollar, while it’s now Rp16,331 per US dollar.
The upward trend for the rupiah is attributed to the weakening US dollar index. This, Ibrahim said, is in part due to Donald Trump holding back on imposing tariffs on his first day as US President.
Previously, Trump had vowed to tighten import tariffs on China, Mexico, and Canada, but he seemed to hint at a possible re-evaluation of the US trade policy. “In particular, the 25 percent tariff on Canada and Mexico imports.”
On the one hand, Trump also signed an order calling for an America First trade policy. Through a memorandum, Trump instructed state agencies to investigate unfair trade practices while reviewing current trade agreements.
Trump's order, Ibrahim said, fueled speculation that he would still impose higher trade tariffs on major economies, especially China. Increased trade tariffs are thought to disrupt global trade and trigger countermeasures from major economies.
This, said Ibrahim, could lead to a new global trade war between the US and other major economies. However, China is expected to open up more stimulus in the face of the US trade war, which could boost local growth.
Editor’s Choice: 10 Cheapest Currencies in the World 2024, Indonesia is on the List
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