Approaching the weekend, IDR is moving forward. However, the future does not look that good. (Image via Market Bisnis)

Approaching weekend, IDR is moving closer to Rp13,625/USD

On Friday’s foreign exchange (forex) spot market opening, Indonesian Rupiah (IDR) is seen at Rp13,625 against the U.S Dollar (USD). The rate strengthened by 0.07 percent compared to Thursday’s closing rate at Rp13,634/USD. For today, IDR is moving around Rp13,600 - Rp13,720/USD.

However, today, the majority of Asia – ASEAN currencies weakened against the USD. Reportedly, S. Korean Won (KRW) weakened by 0.56 percent, Malaysian Ringgit (MYR) by 0.21 percent, Thai Baht (THB) by 0.13 percent, and Singaporean Dollar (SGD) by 0.05 percent.

Meanwhile, other currencies strengthened such as the Japanese Yen (JPY) that strengthened by 0.11 percent, Chinese Yuan (RMB) 0.04 percent, and Turkish Lira (TRY) rising slightly by 0.01 percent against the USD.

On the other side of the world, the majority of currencies fell down against the USD. The Australian Dollar (AUD) and Canadian Dollar (CAD) withered by 0.21 percent and 0.07 percent, followed by the European Union Euro (EUR) by 0.01 percent.

Meanwhile, only Great Britain Pound sterling (GBP) strengthened by 0.01 percent against the USD.

Despite the strengthening, Indonesian forex experts warned that IDR might fall down once more due to the negative sentiment regarding the outbreak of the novel coronavirus. The novel virus has been infecting more people in China, Singapore, and off coast Japan.

The outbreak was so fierce that the officials of the central banks of the United States (U.S) and Australia blamed the virus for the slow global economic growth, evident from the slight weakening of risk asset on Friday morning.

Fortunately, the price of gold might strengthen in return.

Source: https://bit.ly/3bkofCQ