Thursday, 24 October 2019 08:46

Rupiah strengthens against US dollar after cabinet announcement

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The rupiah strengthened against the United States (US) dollar in the Jakarta interbank market on Wednesday evening, following the announcement of the cabinet lineup earlier in the day. The rupiah rose 9 points, or 0.06 percent, to close at Rp14.032 against the dollar compared to Rp14.041 earlier.

As predicted earlier, the rupiah did strengthen owing to the positive sentiment of the inauguration of the cabinet lineup, Valbury Asia Futures analyst Lukman Leong said in Jakarta Wednesday.

"True, the inauguration of the cabinet lineup had an effect as predicted earlier. But (the effect) will still be limited and (the rupiah) will hover above Rp14.000 (per US dollar)," he said.

President Joko Widodo (Jokowi) announced and inaugurated his ministers and ministerial-level officials in the Cabinet Indonesia Moving Forward for the 2019-2024 period.

In the economic sector, the President retained Sri Mulyani as Minister of Finance and appointed former industry minister Airlangga Hartarto as Coordinating Minister for Economic Affairs.

The rupiah opened stronger at Rp14.035 against the dollar Wednesday morning and throughout the day, it stayed between Rp14.016 and Rp14.060.

According to the Bank Indonesia mid-rate on Wednesday, the rupiah appreciated to Rp14.051 from Rp14.058. 

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