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December 10, 2024 | 11:25 am
TEMPO.CO, Jakarta - Ibrahim Assuaibi, director of PT Laba Forexindo Berjangka, said the rupiah exchange rate is likely to weaken in today's trading, Dec. 10, predicting it to trade between 15,850 and 15,920 per US dollar. His forecast is based on Monday's trading results when the rupiah lost 21 points to close at Rp 15,866 per dollar.
According to Ibrahim, the US dollar index rally was partially driven by heightened geopolitical tensions after rebel forces took over the Syrian capital Damascus and toppled President Bashar Al-Assad.
"Against the backdrop of rising uncertainty over U.S. interest rates, traders prefer the dollar and Treasuries (government bonds)," Ibrahim wrote in his routine analysis, Monday afternoon.
Tensions, Ibrahim said, are also still brewing in South Korea after President Yook Suk Yeol avoided impeachment following criticism of his declaration of martial law last week. Despite his escape from impeachment last weekend, his supporting party, the People Power Party, is pushing for his resignation.
On the domestic front, Bank Indonesia (BI) reported that the Consumer Confidence Index (CCI) rose by 4.8 points to 125.9 points in November. The improvement in November's consumer confidence was supported by the Current Economic Situation Index (IKE) and Consumer Expectations Index (IEK), which rose to 113.5 and 138.3, respectively, higher than last month's 109.9 and 132.4.
In the spending category, consumer confidence was recorded as increasing in all categories in November. The highest increase in CCI was recorded among respondents with expenditure above Rp5 million, which rose to 138.1 from 127.9 in the previous month.
In terms of age, the CCI also increased in all age groups, with the highest jump occurring in the 51-60 age group with a score of 124.9 against 112.9 in the previous month. Spatially, the CCI increased in most of the cities surveyed, with the highest increase in Padang City at 16.3 points, followed by Palembang at 11.5 points and Ambon at 9.8 points.
Editor's Choice: 10 Cheapest Currencies in the World 2024, Indonesia is on the List
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