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.
Illustrative 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 of demonstrations protesting the results of vote counting of the General Elections Commission.
Economist Lana Soelistianingsih said on May 23 that the rupiah is likely to 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 percent to 3.2 percent considering the trade war between the United States and China.
Earlier, the International Monetary Fund (IMF) also cut its forecast for global economic growth in April by 3.3 percent from the January projection of 3.5 percent. In the beginning of the year, the World Bank projected the global economy 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 Rp to 14,550 Rp per US dollar.-VNA
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