On October 17, 2024, the Indonesian rupiah strengthened against the US dollar, closing at Rp 15,507, a 0.02% increase. The Jakarta Interbank Spot Dollar Rate (Jisdor) also rose by 0.13%, settling at Rp 15,516 per dollar. Analysts attribute this positive movement to favorable market sentiment regarding the new cabinet formation by President-elect Prabowo.
In contrast, the Indian rupee depreciated by 5 paise to 84.07 against the dollar, influenced by foreign fund outflows and a downturn in domestic equities. The rupee traded within a narrow range, opening at 84.01 and fluctuating between 83.99 and 84.07. Analysts expect continued pressure on the rupee due to a strong dollar and weak domestic market conditions, despite supportive factors like declining crude oil prices.
Meanwhile, the Norwegian krone weakened against the euro and the dollar, trading at 11.88 and 10.95 respectively. This decline raises concerns regarding potential interest rate cuts by Norges Bank, as economic forecasts suggest a more expansive budget than previously anticipated.