Lifted by Phase One agreement, IDR is approaching Rp13,500/USD. (Image via Market Bisnis)

As Phase One draws closer, IDR goes to Rp13,650/USD

Alfonsus Adi Putra
Market & Investment
Foreign Exchange & Interest Rate
Jan 14, 2020
1922
On Tuesday’s foreign exchange (forex) spot market opening, the Indonesian Rupiah (IDR) is seen strengthening at Rp13,650 against the U.S Dollar. The rate strengthened by 0.16 percent compared to Monday’s closing rate at Rp13,672/USD. For today, IDR is moving around Rp13,600 - Rp13,750/USD.

Today, the majority of currencies in the Asia – ASEAN region strengthened against the USD. Reportedly, S. Korean Won (KRW) strengthened by 0.43 percent, Malaysian Ringgit (MYR) by 0.16 percent, Singaporean Dollar (SGD) by 0.07 percent, and Turkish Lira (TRY) by 0.03 percent against the USD.

Meanwhile, some currencies weakened instead. Japanese Yen (JPY) weakened by 0.12 percent, Thai Baht (THB) by 0.06 percent, and Hong Kong Dollar (HKD) by 0.04 percent against the USD.

On the other hand, the majority of currencies in the developed region also strengthened against the USD. Great Britain Pound sterling (GBP) strengthened by 0.04 percent, European Union Euro (EUR) by 0.06 percent, Canadian Dollar (CAD) by 0.04 percent, and Australian Dollar (AUD) strengthened slightly by 0.02 against the USD.

Indonesian forex experts explained that the IDR’s strengthening is caused by the positive sentiment coming from the upcoming signature of the “Phase One” trade agreement between the United States (U.S) and China.

The positive vibe rang even louder by the arrival of Chinese delegations in Washington on Monday, getting the market hype up for the upcoming Phase One. Therefore, the U.S stock index is still going strong from Monday night.

However, the same joy cannot be said for the gold price, weakening to US$1,543/ounce troy.

Source: https://bit.ly/2TkXNCH

Market , Finance , Investment , Trade , Politics , Economy , Forex , ASEAN , Indonesia , IDR