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February 26, 2025 | 07:03 pm
TEMPO.CO, Jakarta - Currency analyst Ibrahim Assuaibi stated that the rupiah closed slightly weaker by 9 points at Rp16,380 per US dollar in Wednesday's afternoon trading, after dropping by 40 points to Rp16,371 per US dollar.
Ibrahim estimated that the rupiah would move fluctuatively but potentially strengthen in tomorrow's trading, with a range of Rp16,320 - Rp16,390 per US dollar.
One of the factors influencing the movement of the rupiah, he said, was that market players are still monitoring the launch of the first bullion banks in Indonesia by President Prabowo Subianto. PT Pegadaian and PT Bank Syariah Indonesia Tbk. (BRIS) have obtained permission to manage the bullion bank to optimize the national gold reserves to prevent them from continuously flowing abroad.
"The bullion move has the potential to increase retail gold consumption, which will drive the growth in the gold industry and the overall business within the gold ecosystem that accommodates value added of up to Rp30 trillion-Rp50 trillion. The presence of a Bullion Bank is in line with the movement of world gold prices that have been soaring since 2024 and continuing throughout this year," Ibrahim said on Wednesday, February 26, 2025.
He said other factors such as several global sentiments also influence the rupiah movement, including US President Donald Trump's increasingly aggressive threat of trade tariffs.
"Trump added negative sentiment by threatening to impose tariffs on copper. Earlier this week, he also hinted that a 25 percent tariff on Canada and Mexico would be imposed at the beginning of March," he said.
According to him, this action potentially disrupts the North American economy and worsens global risk sentiment. On the other hand, Ibrahim revealed that US economic data shows consumer confidence has dropped to the worst level in the last 3.5 years, reinforcing concerns about an economic slowdown.
"Trump did not specifically mention the March 4 deadline when the tariffs would take effect. The action will apply to US imports worth more than US$918 billion from Canada and Mexico, and threatens to disrupt the highly integrated economy of North America," he said.
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