Indonesian Rupiah is weakening due to COVID-19. (Image via Indonesia Expat)

COVID infects oil and shares, IDR dives to Rp15,500/USD

Alfonsus Adi Putra
Market & Investment
Foreign Exchange & Interest Rate
Apr 21, 2020
2576
On Tuesday's foreign exchange (forex) spot market opening, Indonesian Rupiah (IDR) is seen at Rp15,500 against the U.S Dollar (USD). The rate weakened by 0.57 percent compared to Monday’s closing rate at Rp15,412/USD. For today, IDR will move around Rp15,350 - Rp15,550/USD.

Today, the majority of currencies of Asia – ASEAN countries weakened altogether against the USD. Reportedly, Japanese Yen (JPY) weakened by 0.06 percent, Singaporean Dollar (SGD) by 0.34 percent, New Taiwanese Dollar (NTD) by 0.15 percent, S. Korean Won (KRW) by 1,26 percent, the Philippines Peso (PHP) 0.15 percent, Indian Rupee (INR) 0.18 percent, Chinese Yuan (RMB) by 0.21 percent, Malaysian Ringgit (MYR) by 0.45 percent, and Thai Baht (THB) by 0.24 percent.

On the other side of the world, the majority of currencies of developed countries also weakened against the USD. Great Britain Pound sterling (GBP) weakened by 0.20 percent, the Australian Dollar (AUD) weakened by 0.58 percent, the Canadian Dollar (CAD) by 0.01 percent, and Swiss Franc (CHF) by 0.19 percent.

Indonesian forex experts stated that the weakening of IDR is caused by negative sentiments over the outbreak of the novel coronavirus disease (COVID-19). It is evident by the slump of West Texas Intermediate crude oil price to its lowest price in the history at -$37.63/barrel. The price was the lowest since the opening of the New York Mercantile Exchange (NYMEX) in 1963.

The slump of crude oil prices also affected the shares in Wall Street. Dow Jones fell by 2,44 percent to the 23.650 level, S&P 500 fell by 1,79 percent to 2.823 level, and Nasdaq Composite fell by 1,03 percent to 8.560 level.

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

Market , Finance , Economy , Investment , Forex , Shares , Oil , Commodity , ASEAN , Indonesia , IDR , USD , COVID-19 , Coronavirus