Currencies Of Countries Research Articles

Financial sanctions as an instrument of international policy

Today, financial sanctions are one of the most powerful instruments of international politics, allowing to influence states without the direct use of military force. The use of economic restrictions has become a comprehensive alternative to traditional methods of conflict resolution, providing the international community with a means of putting pressure on violators of international law. Over the past decades, sanctions have demonstrated their effectiveness in influencing economic and political processes in various countries around the world, such as Iran, North Korea and Russia. The issue of sanctions is particularly relevant in the context of the Russian-Ukrainian conflict, where they have become the main instrument of international response to aggression. In this regard, the study of financial sanctions as an instrument of international politics is gaining new significance, especially in the context of global economic interdependence. Studying the effectiveness of such measures, their impact on targeted states, as well as analysing possible consequences for the international financial system is an important task for both scholars and practitioners. The study revealed the key patterns of application of financial sanctions as an instrument of international policy. It was found that multilateral sanctions regimes that combine different types of restrictions are the most effective. The economic impact of sanctions is manifested through a decline in GDP, rising inflation and devaluation of the national currency of target countries, with the degree of impact correlating with the level of integration of their economies into the global financial system. The article reveals the growing role of secondary sanctions in enhancing the effectiveness of primary restrictions, although their excessive use can lead to fragmentation of the global financial system. In the context of the Russian-Ukrainian conflict, sanctions have demonstrated a significant economic impact, especially after 2022, but their political effectiveness remains limited. The results of the study point to the need to improve the mechanisms for applying financial sanctions by strengthening international coordination and developing more flexible sanctions regimes. The research materials are: 1) legal acts regulating financial sanctions as an instrument of international policy, including Ukrainian and international sources; 2) works of domestic and foreign authors who study the use of financial sanctions in global politics and their impact on economic and political processes. The following scientific methods were used: theoretical generalisation (to study the basic concepts and doctrines of financial sanctions as an instrument of international politics); analysis and synthesis (to study the impact of sanctions on the economic system of target countries and the political consequences of their application); comparative analysis (to compare the effectiveness of sanctions imposed by different countries and international organisations, in particular in the context of sanctions against Russia and Iran);formalisation method (for building a scheme of sanctions and assessing their impact on the international financial system).

Distribution of Returns on Currency Exchange Rates and Bitcoin Transaction Values in G7 Countries

In this study, we evaluated the distribution of return on exchange rates of the currencies of G7 countries and also estimated the dynamic effect of Bitcoin transaction prices on currency return in the selected G7 countries. We transformed the daily trading and transaction values of Bitcoin in exchange for the US dollar and exchange rates into continuously compounded daily returns by taking the natural logarithm of today’s exchange rate over yesterday’s rate. We found that the appropriate distribution of returns was the skewed generalized error distribution (SGED). The study invalidates the hypothesis of a normal distribution of returns and rather implies that returns exhibit fat tails. Our study established a significant EGARCHskewed-GED model effect with substantial asymmetric responsiveness and persistence of conditional volatility of return on foreign exchange rates for the six G7 currencies researched in this study. Our findings show that Bitcoin trading values have considerable predictive power for returns on G7 currency rates. With the EGARCH-SGED model chosen as the best model, it indicates that the error distribution for return is beyond the normal distribution. Accordingly, there are extreme return values that are more common than what would be predicted by a normal distribution. The significance and large positive value of the shape parameter, otherwise called the tail coefficient, signifies heavier tails, while a lower value of the asymmetric coefficient λ signifies slower decay, allowing the distribution to capture extreme return series more effectively. We therefore recommend a downward adjustment of the monetary policy rate to curtail the impact of the negative shocks, namely, bad market news-that snowball volatility in returns. In general, there is a need for overall macroeconomic stabilization.

THE EFFECT OF REAL EFFECTIVE EXCHANGE RATE ON IMPORTS AND EXPORTS: AN APPLICATION ON TÜRKIYE

The trade balance, which represents the difference between a country's export and import values, plays a crucial role in determining its economic health. Exchange rates, defined as the prices at which one currency can be exchanged for another, have a significant impact on a country's trade balance. Fluctuations in exchange rates can influence the competitiveness of exports and imports and, consequently, the trade balance. One of the most notable studies in this context is the Marshall-Lerner condition, which states that if the sum of the price elasticities of demand for a country's exports and imports exceeds one, a devaluation (or depreciation) of the country's currency will improve its trade balance. In simpler terms, if the combined response of export and import volumes to changes in prices is sufficiently high, a devaluation of the currency can lead to an improvement in the trade balance. The relationship between exchange rates and the trade balance is complex and depends on numerous factors, such as the exchange rate regime, demand elasticities, and time lags. Therefore, a depreciation in a country's currency does not always lead to an improvement in the trade balance. This study examines the impact of Turkey's real effective exchange rate on imports and exports between 2018 and 2024. To investigate the long-term relationship, the Bayer-Hanck (2013) Cointegration Analysis was employed, while the Error Correction Model was applied to explore short-term relationships. The result of the analysis; The Bayer-Hanck cointegration test results indicated long-term relationships between the real exchange rate (REDK) and exports (IHR) and imports (ITH). However, FMOLS estimates revealed that these relationships are not statistically significant for the analyzed period. The VECM results failed to establish any statistically significant short-term relationships between REDK and the dependent variables, indicating the absence of significant short-term dynamics.

Book Review- The Global Currency Power of the US Dollar Problems and Prospects

The United States dollar is the dominant currency for international trade and financial transactions conducted globally. Countries around the world conduct most cross-border transactions as well as hold their foreign reserves in US dollars despite having their own currencies. Some other currencies of other advanced countries or regions such as the pound, the euro, and the yen are also used beyond their territorial domain, but on a much smaller scale than the dollar. To put into perspectives, the dollar accounted for nearly 60 percent of global reserves reported to the International Monetary Fund and constituted approximately 88.3 percent of all foreign exchange transactions. Moreover, more than 40 percent of global payments were done through the dollar.

Brainstorming; Brics Currencies Money Paradoxes: Gold Standardized Money System, Why it changed to a Sustainable Sovereign Debt Standardized Currency System - A Study of the History of the World Financial System.

The distribution of money was transformed into the concept of debt in various forms, including the use of money as an instrument of loans and gifts. The rules of money have completely changed and are heavily skewed towards the benefit of the rich and powerful. Has begun. The US dollar is no longer money, but a currency. The Britton Woods agreement, the gold-standard dollar is over... We Gave Our Word To You But We Don't Have To Keep It1 The dollar became Monopoly Money. After that, the biggest economic boom in history began. In 2009, when the economy ran aground, the central bankers of the world created trillions of dollars, yen, pesos, euros, and pounds by following the bankers' monopoly. This concept has changed to this day. Investors are panning nothingness into existence. To this day, Investors do not carry piles of money in suitcases, only the game of money in a space called financial institutions (banks and non-banks). The escalation of financial investment dragged the country into debt because the country's economic strength was supported by printing debt securities faster to make money, so the government needed more money than savings.2 BRICS is heading towards the elimination of fiat money, preventing member countries from falling into debt. Returning the existence of currency to its history, namely money as a medium of exchange, not a means of payment (fiat money). The essence of the idea of the birth of new money for BRICS members is a clever concept of distorting debt-based money. It is better to have a lot of receivables than to have a lot of debts. This study aims to understand the transition from the gold standard system to a sovereign debt-based system, specifically within the context of currency and economic influence of BRICS countries (Brazil, Russia, India, China, and South Africa). Against the backdrop of a global economy shifting from precious metals to fiat and debt-based currencies, this research will examine the complexities and paradoxes behind this change and its impact on current economic stability and sustainability

Implementasi Artificial Neural Network (ANN) dalam Memprediksi Nilai Tukar Rupiah terhadap Dolar Amerika

The exchange rate of one country's currency against other countries takes an important role in the development and economic activities for a nation. This condition of the Indonesian currency exchange rate, namely the rupiah, is now continuously increasing, meaning that the exchange rate is weakening and experiencing depreciation. Apart from that, the rupiah exchange rate also experiences fluctuations, so forecasting is needed to find solutions to problems that will arise if the currency exchange rate increases. This research purpose is to find the best of network archictecture and to predict the selling rate of the rupiah (Rp) per 1USD for one year. The forecasting method used in this research is using an Artificial Neural Network (ANN) with Backpropagation algorithm. This method is suitable for use in time series analysis because the algorithm is able to adjust the data and has a relatively small error. The data used is the rupiah exchange rate against the USD in the form of time series data, which from March 1, 2019 to February 28, 2024. The data scenario of 90% training and 10% testing at the training stage obtained the best architecture 4-20-1 with MSE is 0.0010385. The data scenario is 80% training and 20% testing where in the training the best architecture is 4-25-1 with an MSE of 0.00089412. The data scenario is 70% training 30% testing where in the training the best architecture is 4-25-1 with an MSE of 0.00099221. Thus, the prediction prices used are predictions for the 80% training data scenario and 20% testing data, because the accuracy results (MSE) are better than the other two scenarios.

Implications of Macroeconomic Performance on Foreign Direct Investment: A Comparative Study between Emerging and Frontier Economies

This paper examines and compares the implications of macroeconomic performance on Foreign Direct Investment (FDI) among thirteen rapidly growing individual-specific Frontier Sub-Saharan African (FSSA) and emerging CIVETS (Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa) countries by deploying the Bootstrap ARDL framework. Using data from the World Development Indicators spanning 1995 to 2019, empirical results indicate that macroeconomic variables namely Gross Domestic Product (GDP) and exchange rate exert varying experiences on FDI, with a higher degree of impact in the FSSA than the CIVETS region. Specifically, GDP is positively related to FDI inflow in Botswana, Cote d’Ivoire, Kenya, Mauritius and Senegal for FSSA. Nonetheless, a weak association was experienced in the CIVETS region, as only Vietnam and Turkey were significant. Additionally, exchange rate reported similar level of disparity as the weakening of host country currency draws high volumes of FDI in Botswana, Ghana, Cote d’Ivoire and Kenya in the short-run for FSSA but only Colombia for the CIVETS region. Nevertheless, the impact of inflation seems to matter in both regions. The study strongly indicates that GDP and exchange rate trigger higher volumes of FDI in FSSA countries than the CIVETS, while the impact of inflation is similar in both regions. This asserts that FSSA countries should implement fiscal and monetary policies to stimulate economic growth and stabilize their economies to spur more FDI, while the CIVETS region should consider other macroeconomic factors to stimulate inward FDI.

Euroization of the Economy and the Negative Impact of the Strengthening of the Local Currency on Exports and Other Economic Indicators in Albania

The Albanian economy is a small and open economy. As such, it is quickly influenced by the turbulence of the global, European, and regional economies. Economic theory emphasizes the link between the exchange rate, exports, the consumer price index, and the balance of foreign trade. The purpose of this article is to study the impact of the exchange rate, primarily at the export level, while also considering other economic factors within the framework of the overvaluation of the Albanian currency (ALL) against the currencies of partner countries, mainly the Euro. The overvaluation of the Albanian currency has led to discouraging exports and increasing imports, influencing the rise in the Consumer Price Index, meaning higher consumer prices. This is due to the fact that the Albanian economy is mainly dependent on imports. The empirical and econometric models used, along with the factors included in this study according to the hypotheses raised, are related to assessing the mutual relationships of the exchange rate with other economic factors for the time period 2018-2023.The results imply and depict the integrated relationship between the exchange rate and exports and other economic factors, as well as supporting the fact that the real exchange rate (RER) has deviated from its equilibrium level. The conclusions in this study confirm that an overvalued domestic currency has increased costs for operations conducted in the local currency ALL, reducing income for operations conducted in Euro and other currencies. This overvaluation of the domestic currency has resulted in losses for exporting companies, impacting the trade balance. Based on the findings in this study, it is crucial for financial institutions and policymakers to be consistent in monitoring the exchange rate, especially EUR/ALL, to improve the long-term relationships between the exchange rate, exports, and other economic factors.

Detecting anomalies in currency market of BRICS countries: insights into emerging economies

PurposeThe primary motive of the research paper is to investigate the efficiency of currency market of emerging economies (BRICS countries), by analyzing the presence and consistency of calendar anomalies – specifically the day-of-the-week (DOW) effect, the January effect and the Turn-of-the-month (TOM) effect. Daily data of around 23 years and 4 months were examined for the purpose of study. Segmented data of 8-year intervals were also analyzed to observe the changes in the pattern over a period. The findings are intended to offer insights into market behaviors and potential trading strategies for astute traders.Design/methodology/approachThe study employed a quantitative research design utilizing ordinary least squares regression with dummy variables and Generalized AutoRegressive Conditional Heteroskedasticity (GARCH) (1,1) model. To study the calendar anomalies, the daily closing price of five currency pairs has been taken from Bloomberg’s software. The Kruskal–Wallis test was conducted to validate and check the robustness of analysis.FindingsThere are mixed results regarding calendar anomalies in the BRICS currency markets. Analysis of aggregate data revealed that DOW effect is present in all the currencies except USDZAR, with Monday showing positive return. The segmented analysis showed the presence of DOW effect in USDCNY and USDINR, while other currencies lacked consistent patterns. The January effect was evident for Indian Rupees and Chinese Yuan but not for other currencies. TOM effect was present only in Chinese Yuan. Overall, the Indian Rupee and Chinese Yuan displayed inefficiencies, indicating potential for trading strategies, while other currencies appeared efficient and lacked consistent patterns.Originality/valueThe literature on currency pricing anomalies is sparse, particularly in the context of developing and underdeveloped economies. While some research exists on anomalies within the currencies of developed nations, there is a significant gap in studies focusing on emerging economies. This paper seeks to address this deficiency by investigating the presence of calendar anomalies in the currencies of BRICS countries, providing new insights into the behaviors of these emerging economies.

The Effect of Exchange Rate Volatility on Foreign Tourist Visits in Indonesia: GARCH Analysis

In this era of globalization, currency exchange rates are one of the crucial factors affecting a country's economy. The exchange rate of a country's currency plays an important role in economic stability and international trade, especially in the tourism sector. This study aims to conduct an in-depth analysis to identify patterns of rupiah exchange rate volatility using the Generalized Autoregressive Conditional Heteroscedasticity (GARCH) model, and then examine whether these patterns have a significant correlation with the number of foreign tourist arrivals in Indonesia. In analyzing the data, researchers conducted several classical assumption tests, namely the normality test and the heteroscedasticity test. The test results show that the data used, namely the rupiah exchange rate data and the number of foreign tourist visits, are not normally distributed and heteroscedastic. In this case, it resulted in researchers not use the Pearson correlation test so they used the Kendall-Tau correlation test and Granger Causality test which resulted in the two variables being correlated. Furthermore, GARCH modeling is carried out which provides forecasting on both data to increase in 2024. The results of this study are expected to provide a basis for consideration for stakeholders to determine policies, especially in the financial and tourism sectors.

DYNAMIC VOLATILITY SPILLOVERS BETWEEN CURRENCIES OF ASEAN MEMBER COUNTRIES AND CHINA: EVIDENCE FROM TVP-VAR APPROACH

Driven by the importance of analyzing interregional volatility spillover effects, this study investigates dynamic volatility spillovers between the currencies of China– ASEAN Free Trade Area (FTA) member countries by applying the time-varying parameter vector autoregressive (TVP-VAR) connectedness approach to a sample spanning January 1, 2006, to October 31, 2022. The results show that (1) dynamic volatility connectedness varies over time and reaches peaks due to economic events, such as the 2008 global financial crisis (GFC) and the COVID-19 pandemic; (2) the Chinese yuan (CNY) market assumes more of a net receiving role for volatility spillovers after the 811 exchange rate reform, while the Singapore dollar (SGD) market assumes more of a net transmitting role for volatility spillovers in the whole sample period and (3) negative spillovers are dominant during the study period, except during the European debt crisis. Our findings can help China and ASEAN establish an exchange rate coordination mechanism to prevent the cross-country transmission of exchange rate risk.

Realized Volatility Spillover Connectedness among the Leading European Currencies after the End of the Sovereign-Debt Crisis: A QVAR Approach

This paper examines the time-varying spillover effects and connectedness between the euro and other EU and non-EU currencies after the end of the sovereign-debt crisis. We employ the Quantile Vector Autoregression connectedness approach using intraday data for seven currencies (the euro, the British pound, the Swiss franc, the Polish zloty, the Hungarian forint, the Czech koruna, and the Norwegian krone) spanning from 1 January 2016 to 30 November 2022. The results indicate that, almost in all quantiles, the currencies of Eastern European Group countries (i.e., Czech Republic, Hungary, and Poland) are net contributors of information spillovers to other currencies, while currencies of non-EU countries (Switzerland, UK, and Norway) are net takers. Further, we find that the euro is the highest transmitter of net information spillovers to all other currencies until 2021. Interestingly, after 2021, the euro changes to net information spillover taker from all other currencies; highlighting that external shocks (e.g., COVID-19, the energy crisis) have significant risk spillover effects on the European currency market. Policymakers and market participants could benefit from knowing which currency drives developments to avoid unexpected consequences.

Analysis of Determinants of the Rupiah Exchange Rate (Exchange Rate) against the US Dollar in 2016: Q1-2023: Q4

In foreign trade, exchange rates are one of the big factors that make a big difference. And although each country has its own currency, they all have different monetary values. To show how much one country's currency is worth compared to another country's currency, we need a measure called the exchange rate. The aim of this research is to find out how the exchange rate is related to things such as the amount of money in circulation, non-oil and gas exports, the balance of payments, and Indonesia's benchmark interest rate. A multiple regression analysis model was used to conduct the research. This research shows that the IDR/USD Exchange Rate is closely related to Indonesia's Balance of Payments, Money Supply (M2), Non-Oil and Gas Exports, and Reference Interest Rates. This relationship is real and good.

Relationship Between Exchange Rate and Inflation in Afghanistan

Afghanistan is an import dependent country and has been facing perpetual trade balance deficit for decades. In case of imperfect competition in the market or existence of market monopoly, there is a higher chance of reflecting the exchange rate changes on the prices of the goods. In Addition, countries with low level of domestic production and higher amounts of imports usually experience higher degree of the exchange rate pass-through effect on inflation. Countries with high import volumes and low export levels often face a deficit in foreign currency inflows and an excess in outflows. These countries need substantial foreign currency to purchase and import goods from both neighboring and international markets, increasing domestic demand for foreign currencies and consequently leading to domestic currency depreciation. This study investigated the relationship between exchange rates and inflation in Afghanistan, examining how exchange rates impact inflation and the benefits associated with exchange rate mechanisms. The primary research questions include: What is the relationship between exchange rates and inflation in Afghanistan? How does the exchange rate influence inflation in the country? What are the benefits of exchange rate systems? The hypothesis posits that higher inflation typically depresses a country's currency value and that exchange rates directly affect inflation. Additionally, exchange rates determine the value of currency exchanges between different nations. This research aims to elucidate the relationship between exchange rates and inflation in Afghanistan, assess the impact of exchange rates on inflation, and explore the benefits of exchange rate systems. The methodology involves a binary system and utilizes secondary data collected from books, websites, and research papers. Findings indicate that Afghanistan's reliance on imports results in a persistent trade balance deficit, with a significant portion of goods, especially non-food items, being imported due to insufficient domestic production. To import goods, Afghanistan requires foreign currencies, which are typically earned through exports of goods and services as of a result, Afghanistan will experience stability in the exchange rate and in the domestic prices.

Protectionism, bilateral integration, and the cross section of exchange rate returns in US presidential debates

We study the impact of US presidential election TV debates on the cross section of intraday exchange rate returns of 96 currencies from 1996 to 2016. The performance of the candidates in the debate is an exogenous shock to the election probability. We find that currencies of countries with high levels of bilateral foreign trade with the US depreciate if the election probability of the protectionist candidate increases during the debate, while no significant impact is detected for countries with bilateral US exports to GDP below 2 percent. Expectations about protectionist measures are the main transmission channel of debate outcomes, while the candidates' stance towards military and immigration play a minor role.

An alternative settlement system for the BRICS countries

The relevance of the research topic lies in the imperatives of the modern geo-economic and geopolitical confrontation between the leading centers of the world financial system and the need to continue to carry out transactions through alternative channels within the existing international system of payments and exchange. Due to the lack of prospects for lifting sanctions against Russia, the author formulates proposals that allow participation in international exchange based on the currencies of friendly countries and a common currency for their entire group. From the point of view of practical implementation, the results of the article allow Russia, through the mechanism of commercial and contract (exchange) rates for currency pairs of monetary units of the BRICS countries, to carry out trade transactions with friendly countries. The author concludes that integration into the current system of world finance through alternative channels allows small countries to join the BRICS group using concession methods through the mechanism of commercial rates.

Commodity currencies revisited: The role of global commodity price uncertainty

Exchange rates of commodity exporting countries, generally known as commodity currencies, are often considered to be driven by some specific commodity prices. In this paper, we show that the uncertainty common to a basket of commodity prices is also a significant driver of exchange rate dynamics for a panel of commodity exporting countries. In particular, an increase in global commodity price uncertainty leads to a short-run depreciation of the effective exchange rate in commodity currency countries, followed by a medium-term rebound. We document that this pattern is specific to commodity currencies and is not visible on benchmark currencies like the euro or the U.S. dollar, the latter acting as a typical safe haven currency. We refer to this pattern as the “commodity uncertainty currency” property.

Terms of trade or market power? Further evidence from dynamic spillovers in return and volatility between Malaysian crude palm oil and foreign exchange markets

This study examines whether the Malaysian ringgit (MYR) provides terms of trade or market power for crude palm oil (CPO). We consider MYR exchange rates against three currencies of major CPO-importing countries, including the Indian rupee (INR), euro (EUR) and Chinese yuan (CNY). Using daily data on Malaysian CPO prices (spot and futures) and foreign exchange rates (INRMYR, EURMYR and CNYMYR) from 2000 to 2018, our results provide three notable findings. First, volatility spillovers from EURMYR to CPO spot and futures are more significant during the global financial crisis of 2008–2009. Second, the return spillovers from CPO spot and futures to INRMYR and EURMYR exchange rates experience significant bursts after the crisis. Third, the volatility of CPO spot price changes shows the predictive ability of the volatility of INRMYR exchange rate changes at the end of 2018. Overall, our findings support that the terms of trade are a driver of the CPO market after the crisis.

A Study on the Exchange Rate Linkage between Korea and China following the Reform of the Yuan Exchange Rate System

Purpose - This study aims to conduct an empirical analysis of exchange rate volatility and dynamic correlation between Korea and China based on the “8.11” central exchange rate reform in China. Unlike other developed countries’ foreign exchange markets, the Chinese Yuan has not yet achieved complete free circulation, and China has an onshore Yuan exchange rate (CNY) and an offshore Yuan exchange rate (CNH). In this study, we investigated the dynamic correlation between Korea’s won exchange rate and China’s onshore yuan exchange rate and offshore yuan exchange rate around the “8.11” central exchange rate reform in China. Design/Methodology – In this study, we attempted to analyze the average and the volatility spillover effect of the won exchange rate from China’s onshore and offshore yuan exchange rate before and after the 8.11 central parity exchange rate reform. In addition, the relation between the won exchange rate and on- and off-shore yuan exchange rate at various stages were analyzed through the VAR model and the VAR-BEKK-GARCH model. Findings – The results of analyzing the volatility spillovers between the KRW exchange rate and the offshore RMB exchange rate show that there are two-way volatility spillovers between the two markets, both before and after the “8.11” central parity rate reform. The dynamic correlation between the two exchange rates (CNY and KRW, CNH and KRW) is increasing over time. In addition, the two exchange rates are positively correlated with each other, implying that the volatility of the two exchange rate markets is moving in the same direction. The dynamic dependence relations between CNY and KRW become significantly higher after the “8.11” central parity rate reform. Originality/value - As a non-international currency, the won must engage in export trade and capital market transactions with other international reserve currency countries. Therefore, it is important for Korean export-import companies and investors to explore changes in the dynamic correlation between the won and the Chinese yuan through exploration.

APPLICATION OF THE FUZZY TIME SERIES CHEN MODEL IN FORECASTING THE RUPIAH EXCHANGE RATE AGAINST THE US DOLLAR (USD)

The importance of the rupiah exchange rate for many individuals in Indonesia in everyday life can be explained by the fact that the country's economy is very dependent on the international economy. Exchange rate used to do future payments using a certain currency and so on the link between two currencies of different countries. In context In international trade, the US Dollar (USD) currency has a very important role very significantly for developing countries because it is used as an eye transaction money. Therefore, the movement of the rupiah exchange rate is an important factor for a country. So forecasting techniques are needed to anticipate exchange rate changes. In this study, the method used is Chen's Fuzzy Time Series (FTS) model to predict the rupiah exchange rate against the United States Dollar (USD) in the future. The results of this study show that forecasting the rupiah exchange rate against the US Dollar (USD) from May 2023 to July 2023 is stable at a value of 1412.40 Rupiah, with a rate average absolute error (MAPE) of 1.6717%.