If Weakens Again, Rupiah Will KO 7 Days in a Row!

Jakarta, CNBC Indonesia – The exchange rate of the rupiah against the United States dollar (US) seems to be weakening in the spot market trading today. Signs of rupiah depreciation are already visible in the Non-Deliverable Market (NDF).

The following is the US dollar exchange rate on the NDF market after the close of the spot trade yesterday compared to today, Friday (07/03/2020), citing Refinitiv data:

Period of time

July 2 Exchange Rate (15:05 WIB)

July 3 Exchange Rate (07:03 WIB)

1 week

Rp. 14,443.2

Rp 14.66.2

1 month


IDR 14,585.7

2 months

Rp. 14,659.2

Rp. 14,740

3 months

Rp. 14,749.2

Rp. 14,771.93

6 months

Rp 14,992.2


9 months



1 year



2 years

Rp 16,373.7

IDR 16,369

The following is the Domestic NDF (DNDF) exchange rate which was last updated on July 2 at 2:54 PM WIB:

Period of time


1 month

Rp 14,485

3 months

IDR 14,500

NDF is an instrument that trades currencies for a certain period of time with certain exchange rates. Previously the NDF market did not yet exist in Indonesia, only available in international financial centers such as Singapore, Hong Kong, New York, or London.

NDF markets often affect the psychological formation of prices in the spot market. Therefore, the exchange rate in NDF is not uncommon for the spot market. Whereas the previous NDF was purely played by foreign investors, who might not have studied the fundamental conditions of the Indonesian economy.

Bank Indonesia (BI) then formed the DNDF market. Although the tenor provided is incomplete, it is expected to continue to grow in the future.

That way, the psychological formation of the rupiah on the spot market is expected to be more rational because the NDF instruments are in the country. The rupiah in the spot market does not need to always hit the NDF market which is fully formed by foreign markets.


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