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Indonesia’s currency may continue weakening

The exchange rate of the rupiah, Indonesia’s currency, of banks in Jakarta is forecast to continue falling after a series of demonstrations protesting the results of vote counting of the General Elections Commission.
Indonesia’s currency may continue weakening ảnh 1Illustrative image (Source: antaranews.com)

Jakarta (VNA) – The exchange rate of the rupiah, Indonesia’s currency,of banks in Jakarta is forecast to continue falling after a series ofdemonstrations protesting the results of vote counting of the General ElectionsCommission.

Economist Lana Soelistianingsih said on May 23 that the rupiah is likelyto weaken due to increasing demand for the US dollar.

Externally, the Organisation for Economic Cooperation and Development(OECD) revised down the 2019 global economic growth projection from 3.3 percentto 3.2 percent considering the trade war between the United States and China.

Earlier, the International Monetary Fund (IMF) also cut its forecast forglobal economic growth in April by 3.3 percent from the January projection of3.5 percent. In the beginning of the year, the World Bank projected the globaleconomy to grow 2.9 percent for the whole year.

The global situation will have certain impact on the Indonesian economy.Lana predicted that the rupiah may weaken towards the range between 14,350 Rpto 14,550 Rp per US dollar.-VNA
VNA
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