Analysts project the rupiah exchange rate to strengthen again this week, supported by positive domestic news.
“It is estimated that the rupiah will be in the support range of Rp13,595 and a resistance level of Rp13,448 per US dollar,” Binaartha Securitas analyst Reza Priyambada said in Jakarta, Sunday, 8 October.
The rupiah appreciation is followed by the US dollar’s strengthening; hence there is a possibility for reversal. Reza projected the dollar gain will not be not too significant—allowing the rupiah to keep its uptrend next week.
In the Bank Indonesia website, the rupiah middle exchange rate at the end of last week was Rp13.485 per US dollar.
Reza said investors should be on the lookout for various sentiments that may hinder the rupiah from gaining further. The main risk to watch for this week is the release of economic reports.
Last week, the rupiah weakened to Rp13,585 per US dollar. The rupiah last week moved between the support level of Rp13.625 and the resistance level of Rp13,300 per US dollar.