REPUBLIKA.CO.ID, JAKARTA -- The exchange rate (exchange rate) of the rupiah against the US dollar ahead of a stable weekend supported the safe conduct of Presidential and Vice Presidential elections on February 14, 2024. The rupiah in late trading on Friday closed down just one point or 0.01 per cent to Rp 15,624 per US dollar from its previous high of Rp 15,623 per US dollar.

“It will still be stable with the market welcoming the presidential election held safely,” Mirae Asset Sekuritas economist Rully Arya Wisnubroto said in Jakarta on Friday (16/2/2024).

In addition, Arya said positive sentiment from within the country was also supported by the release of Indonesia's relatively high trade balance surplus. Thus, external resilience will be greatly preserved with Indonesia having posted a trade balance surplus for 45 consecutive months.

Based on data from the Central Statistical Agency (BPS), Indonesia's trade balance surplus continued in January 2024 at 2.02 billion US dollars, lower than the surplus in December 2023 of 3.29 billion US dollars.

Globally, markets are seeing sentiment from a delay in the US policy rate cut or the Fed Funds Rate that was expected in March 2024.

Meanwhile, Bank Indonesia's Jakarta Interbank Spot Dollar Rate (JISDOR) on Friday fell to Rp 15.654 per US dollar from the previous Rp 15.606 per US dollar.

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