Rupiah Drops on Lower China Growth, Weak Trade Figures
Jakarta. The Indonesian rupiah weakened against the US dollar on Tuesday after China's second-quarter growth came in below expectations.
According to Bloomberg data, the rupiah was trading at Rp 16,205 per US dollar in the spot market at 9:39 a.m. Jakarta time, down 35 points or 0.22 percent from the previous trading session.
"The rupiah is expected to be under pressure against the US dollar following China's economic growth data and weaker-than-expected Indonesian trade data released yesterday," DCFX chief analyst Lukman Leong said on Tuesday.
China's economic growth for the second quarter of 2024 was recorded at 4.7 percent, below the forecast of 5.1 percent and lower than the 5.3 percent growth in the first quarter of 2024.
Data from Indonesia's Central Statistics Agency (BPS) showed that the country's trade balance has maintained a surplus for 50 consecutive months since May 2020, with a surplus of $2.39 billion in June 2024. However, this figure was below market expectations of $2.98 billion.
Leong predicts that the rupiah will move in the range of Rp 16,125 to Rp 16,225 per US dollar.
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