Ahead of New Year's Eve, IDR is now hitting under Rp14,000 against the USD. (Image via Market Bisnis)

Ahead of New Year's Eve, IDR soars to Rp13,948/USD

On Monday’s foreign exchange (forex) spot market opening, Indonesian Rupiah (IDR) is seen at Rp13,948 against the U.S Dollar (USD). The rate strengthened by 0.03 percent compared to its Friday’s rate at Rp13,952/USD. For today, IDR is moving around Rp13.900 - Rp13.970/USD.

Today, the majority of currencies in Asia – ASEAN regions strengthened against the USD. S. Korean Won (KRW) strengthened by 0.14 percent, and both Thai Baht (THB) & Singaporean Dollar (SGD) slightly strengthened by 0.01 percent against the USD.

Only the Hong Kong Dollar (HKD) withered in front of the USD by 0.01 percent. Meanwhile, the Japanese Yen (JPY) and Turkish Lira (TRY) remain stagnant against the USD.

On the other hand, the majority of currencies in the developed country regions strengthened against the USD. Great Britain Pound sterling (GBP) strengthened by 0.09 percent, Canadian Dollar (CAD) by 0.03 percent, and the European Union Euro (EUR) and Australian Dollar (AUD) which both strengthened by 0.04 percent against the USD.

Ahead of New Year’s Eve, the IDR’s strengthening was supported by the positive sentiments shadowing the movement of risk assets in the already strengthening stock exchange. The positive sentiments are caused by two factors: potential looser monetary policy and low benchmark interest rate in 2020.

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