COVID-19 is still affecting the IDR. (Image via Market Bisnis)

COVID-19 causes IDR to weaken to Rp14,283/USD

Alfonsus Adi Putra
Market & Investment
Foreign Exchange & Interest Rate
Mar 10, 2020
1820
On Monday’s foreign exchange (forex) spot market opening, Indonesian Rupiah (IDR) is seen at Rp14,283 against the U.S Dollar (USD). The rate weakened by 0.28 percent compared to Friday’s closing at Rp14,243/USD. For yesterday, IDR is moving around Rp14,170 - Rp14,300/USD.

Yesterday, the majority of currencies in the Asia – ASEAN regions strengthened instead. Reportedly, the Japanese Yen (JPY) strengthened by 0.10 percent, Singaporean Dollar (SGD) by 0.12 percent, Thai Baht (THB) by 0.11 percent, and the Hong Kong Dollar (HKD) strengthened slightly by 0.01 percent against the USD.

On the other hand, some currencies weakened instead. Malaysian Ringgit (MYR) weakened by 0.65 percent, S. Korean Won (KRW) by 0.42 percent, and Turkish Lira (TRY) by 0.30 percent against the USD.

On the other side of the world, the majority of currencies in the developed countries region reacted variously. The Canadian Dollar (CAD) and Australian Dollar (AUD) weakened respectively by 0.38 percent and 0.36 percent. Meanwhile, Great Britain Pound sterling (GBP) and the European Union Euro (EUR) strengthened by 0.18 percent and 0.70 percent against the USD.

The weakening of IDR is caused by the massive outbreak of the novel coronavirus (COVID-19). Moreover, the U.S non-farm payroll showed a positive result with a decrease in the unemployment rate from 3.6 percent to 3.5 percent, strengthening the USD against the IDR.

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

Investment , Economy , Business , Forex , ASEAN , Indonesia , IDR , USD