Ahead of New Year's Day, the IDR advances further below Rp14,000. What a way to start 2020. (Image via Market Bisnis)

Ahead of New Year’s Day, IDR advances further to Rp13,916/USD

Alfonsus Adi Putra
Market & Investment
Foreign Exchange & Interest Rate
Dec 31, 2019
2773
On Tuesday’s foreign exchange (forex) spot market opening, the Indonesian Rupiah (IDR) is seen at Rp13,916 against the U.S Dollar (USD). The rate strengthened by 0.06 percent compared to Monday’s closing rate at Rp13,948/USD. For the day, IDR is moving around Rp13.890 - Rp13.950/USD.

Today, the majority of currencies in Asia – ASEAN regions strengthened against the USD. Malaysian Ringgit (MYR) strengthened by 0.18 percent, the Japanese Yen (JPY) by 0.06 percent, and Singaporean Dollar (SGD) 0.03 percent against the USD.

However, the same joy could not be shared with these currencies. S. Korean Won (KRW) weakened by 0.18 percent, Thai Baht (THB) by 0.08 percent, and Turkish Lira (TRY) by 0.02 percent against the USD.

Meanwhile, the Hong Kong Dollar (HKD) remains stagnant against the USD.

On the other side of the world, the majority of currencies in the developed country regions strengthened against the USD. Great Britain Pound sterling (GBP) strengthened by 0.03 percent, the Canadian Dollar (CAD) by 0.08 percent, followed by European Union Euro (EUR) strengthening by 0.06 percent, and Australian Dollar (AUD) by 0.13 percent against the USD.

Indonesian forex experts explained the strengthening of IDR after the weakening of the USD index ahead of the end of 2019. For the last four days, the USD index was not doing well; and, it kept going downhill from 97.70 to 96.70 currently.

The weakening of USD was said to be caused by the actions of the Federal Reserve not to rush the hiking of interest rate in 2020. Also, the 2020 U.S Presidential Election was said to be one of the factors.

Source: https://bit.ly/36euHIS

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