Amid COVID-19, IDR is pushed closer to the Rp16,000/USD level. (Image via Tempo.co)

Due to COVID-19, IDR gets closer to Rp16,000/USD

Alfonsus Adi Putra
Market & Investment
Foreign Exchange & Interest Rate
Mar 20, 2020
1565
On Friday’s foreign exchange (forex) spot market opening, Indonesian Rupiah (IDR) is seen at Rp15,932 against the U.S Dollar (USD). The rate weakened by 0.31 percent compared to Thursday’s closing rate at Rp15,912/USD. For today, IDR is moving around Rp15.217 - Rp16.545/USD.

IDR is not alone. Today, the majority of currencies in the Asia – ASEAN regions also weakened against the USD. Reportedly, the Japanese Yen (JPY) weakened by 0.46 percent, Singaporean Dollar (SGD) by 0.17 percent, Malaysian Ringgit (MYR) by 0.14 percent, Thai Baht (THB) by 0.10 percent, and Turkish Lira (TRY) by 0.05 percent.

On the other hand, both S. Korean Won (KRW) and the Philippines Peso (PHP) strengthened by 1.76 percent and 0.06 percent respectively against the USD.

Meanwhile, on the other side of the world, the majority of the currencies of the developed countries strengthened against the USD. Both the Australian Dollar (AUD) and the Canadian Dollar (CAD) strengthened by 0.81 percent and 0.12 percent, and Great Britain Pound sterling (GBP) by 0.40 percent.

Only the European Union Euro (EUR) weakened by 0.24 percent against the USD.

Indonesian forex experts said that the weakening of IDR today is still caused by the novel coronavirus (COVID-19) outbreak on a global and domestic scales. On Wednesday, Indonesia recorded 227 patients tested positive for the COVID-19.

Nonetheless, Bank Indonesia’s (BI) policy to cut the interest rate by 25 basis points did not do anything to IDR’s strengthening.

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

Business , Economy , Market , ASEAN , Indonesia , IDR , USD , COVID-19