Coronavirus affects IDR even further. (Image via Market Bisnis)

Coronavirus threatens IDR further to Rp13.754/USD

Alfonsus Adi Putra
Market & Investment
Foreign Exchange & Interest Rate
Feb 04, 2020
3642
On Tuesday’s foreign exchange (forex) spot market opening, Indonesian Rupiah (IDR) is seen at Rp13,754 against the U.S Dollar (USD). The rate weakened even further by 0.09 percent compared to Monday’s closing rate at Rp13,742/USD. For today, IDR is moving around Rp13,650 - Rp13,800/USD.

Not only IDR, the majority of currencies in Asia – ASEAN regions also weakened against the USD. Reportedly, Singaporean Dollar (SGD) weakened by 0.23 percent, Malaysian Ringgit (MYR) by 0.19 percent, and New Taiwan Dollar (NTD) by 018 percent.

Moreover, Thai Baht (THB) also weakened by 0.14 percent, Indian Rupee (INR) by 0.02 percent, and both the Hong Kong Dollar (HKD) and Turkish Lira weakened by 0.01 percent against the USD.

On the other hand, S. Korean Won (KRW) strengthened by 0.20 percent, Japanese Yen (JPY) by 0.08 percent, and the Philippines Peso (PHP) by 0.02 percent against the USD.

On the other side of the world, the majority of currencies in the developed countries region also weakened against the USD. Great Britain Pound sterling (GBP) and the Canadian Dollar (CAD) weakened against the USD by 0.04 dan 0.08 percent respectively, while the Australian Dollar (AUD) by 0.12 percent.

Meanwhile, the European Union Euro (EUR) remains stagnant against the USD.

Indonesian forex experts blame the IDR’s weakening on the coronavirus outbreak. The market worries about the virus, making the risk assets’ value decrease. Moreover, the novel coronavirus from Wuhan may also slow down China’s economic growth, judging from the slump in the trade and production activities.

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

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