The rupiah exchange rate against the US dollar on Wednesday (28/7) moved within a narrow and consolidative range as the market anticipates the US Central Bank's monetary policy meeting results, which will be released in the morning.

"Indications of the tapering policy could encourage the strengthening of the US dollar going forward, but on the other hand, the insistence on maintaining monetary easing could encourage the weakening of the US dollar," said money market observer Ariston Tjendra in Jakarta.

According to Ariston, consolidation is still possible today. The rupiah exchange rate may strengthen following the rise in other emerging market exchange rates against the US dollar this morning.

But the strengthening may not be far away due to the factors of the US Central Bank and the pressure from the increase in Covid-19 cases in Indonesia, which is still high.

"Potential for a strengthening movement to the area of 14450 p