THE rupiah exchange rate once morest the US dollar on Friday (5/7) closed stronger amid the market awaiting the release of the government’s version of the United States (US) employment data. At the end of trading on Friday, July 5, 2024, the rupiah rose 52 points or 0.32% to 16,278 per US dollar from the previous 16,330 per US dollar.
“Tonight, the government’s version of the US labor data in June will be in the spotlight of global financial market players,” said money market observer Ariston Tjendra in Jakarta, Friday. According to Ariston, the data greatly affects the movement of the US dollar once morest other exchange rates and other financial instruments.
Negative data increases the chances of a US interest rate cut and might push the US dollar lower once more and vice versa. With this important data awaited by market players, the rupiah’s strengthening may be limited.
In addition, the ADP Non-farm Payrolls data and the US service sector PMI data were lower than market estimates, thus reopening the opportunity for a faster-than-expected cut in the US benchmark interest rate.
Bank Indonesia’s Jakarta Interbank Spot Dollar Rate (Jisdor) rose to Rp16,312 per US dollar on Friday from Rp16,341 per US dollar previously. (Ant/Z-2)
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