The Indonesian rupiah touched an all-time low of around 16,950 per USD in April as the U.S. readied 104% tariffs on Chinese goods, escalating tensions between the world's two largest economies. Meanwhile, Indonesia faces a 32% tariff from the U.S. President Prabowo Subianto has instructed his cabinet to simplify trade rules and ease non-tariff barriers while assessing the impact on key exports such as textiles, electronics, footwear, and palm oil. Adding to the pressure, Indonesia's current account remained in deficit for the seventh quarter in Q4 of 2024, underscoring structural trade imbalances. The rupiah also weakened on broad dollar strength, as bets of prolonged high U.S. interest rates spurred capital outflows from emerging markets. Bank Indonesia has intervened to stabilize the currency through FX operations and verbal guidance, but downward pressure lingers amid global uncertainty. The new U.S. tariffs are set to take effect on April 9 at 12:01 AM Eastern Time (04:01 AM GMT).
Source; Trading Economi
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