KONTAN.CO.ID - JAKARTA. The rupiah exchange rate is increasingly weakening against the US dollar and has broken through the level of Rp 15,800 per US dollar on Thursday (25/1).

Quoting data from Bloomberg, as of 12.20 WIB, the rupiah exchange rate in the spot market fell 0.56% to the level of Rp 15,802 per US dollar.

In trading on Thursday morning (25/1), at 09.13 WIB, the spot rupiah was at the level of Rp 15,716 per US dollar or weakened by 0.02%.

The rise in the US dollar index is pressuring the rupiah. As of 12.24 WIB, the dollar index strengthened by 0.10% to 103.34.

Baca Juga: Indonesia Central Bank in FX Market to Ensure Balanced Supply-Demand

A number of analysts predict that the rupiah will weaken today.

Permata Bank Chief Economist Josua Pardede said, the rupiah depreciated in line with increasing concerns about the General Election (Election) in 2024.

Historically, the rupiah exchange rate tends to weaken ahead of the Election and tends to strengthen again after the Election is over.

In addition, the rupiah also weakened due to a decrease in the probability of The Fed's interest rate cut in the first semester of 2024.

"This decrease in probability is due to the still solid US indicator data and there is still no strong signal for interest rate cuts from The Fed officials," Josua said when contacted by Kontan.co.id, Wednesday (24/1).

Editor: Khomarul Hidayat