IDR strengthens amid the COVID-19 vaccine development. (Image via Market Bisnis)

COVID-19 vaccine promising, IDR strengthens to Rp14,080/USD

On Thursday's morning, the exchange rate of Indonesian Rupiah (IDR) is seen at Rp14,080 against the U.S Dollar (USD). The rate went up by 0.04% compared to Wednesday's closing rate at Rp14,085/USD.

Today, the majority of Asian currencies strengthened altogether against the USD. Chinese Yuan (RMB) strengthened 0.24%, Malaysian Ringgit (MYR) by 0.03% Thai Baht (THB) by 0.31%, Japanese Yen (JPY) by 0.16%, Singaporean Dollar (SGD) by 0.07%, and New Taiwan Dollar (TWD) by 0.13%. However, some currencies weakened such as S. Korean Won (KRW) weakened by 0.13%, Philippines Peso (PHP) by 0.45%, and Indian Rupee (INR) by 0.27%.

On the other hand, the majority of currencies in developed countries weakened instead against the USD. Great Britain Pound sterling (GBP) by 0.02%, Australian Dollar (AUD) by 0.07%, and Canadian Dollar (CAD) by 0.01%. Only the Swiss Franc (CHF) strengthened by 0.13%.

Indonesian analyst and head of research at Monex Investindo, Ariston Tjendra, stated that the risk asset will still entice the market player today, or the IDR will still strengthen today, due to the positive sentiment of the promising development of the vaccine for novel coronavirus disease (COVID-19) that will save the world from the pandemic and restore its economy. Therefore, Tjendra calculated that IDR will move around Rp14,000 - Rp14,150/USD.

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