Indonesian Markets Under Pressure at End-2024; Bank Indonesia Leaves Interest Rate Unchanged
In essence, the Indonesian rupiah showed the same performance in 2024 as it did in the previous four years, namely it continued to weaken against the US dollar, albeit (the outlook for) interest cuts in the United States did cause a sharp, yet temporary, rebound in August 2024. Shortly after that rebound, the rupiah came under heavy pressures again, which continued into the last month of 2024.
The Indonesian rupiah started the year 2024 at the level of IDR 15,395 per US dollar, but it ended the year at the level of IDR 16,090, which is a 4.5 percent decline. If we take a look at the last month of 2024, then the weakening of the rupiah was recorded at 1.6 percent as Indonesia’s currency went from IDR 15,840 at the very beginning of December 2024 to IDR 16,090 at the end of the month.
Similarly, the benchmark stock index of Indonesia (Jakarta Composite Index, IHSG) experienced a weak final quarter of 2024.
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