Rupiah Weakens Slightly Ahead of Key US Labor Data
Jakarta. The Indonesian rupiah depreciated slightly against the US dollar on Tuesday, after a weekend correction, as markets await key US labor data, according to Mirae Asset Sekuritas economist Rully Arya Wisnubroto.
The rupiah exchange rate ended slightly weaker by 0.01 percent, settling at Rp 15,526 per US dollar compared to its previous position of Rp 15,525 per US dollar.
"The market is still waiting for the US labor data that will be released this week," Rully said on Tuesday.
Consensus estimates suggest that the US non-farm payrolls (NFP) data will increase to 165,000 in August from 114,000 in July.
"The expectation of rising non-farm payrolls is strengthening the US dollar," he added.
Currently, the market anticipates a 25 basis point (bps) rate cut by the Federal Reserve in September, though there is also a possibility of a rate cut as large as 50 bps.
On Tuesday, Bank Indonesia's Jakarta Interbank Spot Dollar Rate (JISDOR) slipped to Rp 15,557 from its previous position of Rp 15,536 per US dollar.
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