COVID-19 causes IDR's rate to slump. (Image via Market Bisnis)

IDR enters Rp14,000-ish once more as COVID-19 spreads

Alfonsus Adi Putra
Market & Investment
Foreign Exchange & Interest Rate
Feb 28, 2020
2322
On Friday’s foreign exchange (forex) spot market opening, Indonesian Rupiah (IDR) is seen at Rp14,086 against the U.S Dollar (USD). The rate weakened by 0.44 percent compared to Thursday’s closing rate at Rp14,025/USD. For today, IDR is moving around Rp14,000 - Rp14,100/USD.

Unlike IDR, the majority of currencies in the Asia – ASEAN regions strengthened instead against the USD. Reportedly, S. Korean Won (KRW) strengthened by 0.28 percent, Thai Baht (TBH) by 0.23 percent, Japanese Yen (JPY) by 0.16 percent, Singaporean Dollar (SGD) by 0.05 percent, and Ringgit Malaysia (MYR) by 0.04 percent.

Following IDR, the Hong Kong Dollar (HKD) weakened by 0.03 percent, while Turkish Lira (TRY) remains stagnant against the USD.

On the other side of the world, the currencies in the developed countries region reacted variously against the USD. Great Britain Pound sterling (GBP) and the Australian Dollar (AUD) strengthened by 0.06 percent and 0.12 percent respectively. Meanwhile, the Canadian Dollar (CAD) and the European Union Euro (EUR) weakened by 0.03 percent and 0.07 percent respectively against the USD.

Indonesian forex experts still blame the outbreak of the novel coronavirus (COVID-19) in countries outside China such as Italy, S. Korea, the Middle East, and the U.S. U.S 10-year government bond’s yield rate is slumping as low as 1.235 percent since many parties purchase the bond to secure asset value. The yield rate is the lowest in history.

Source: https://bit.ly/2VAMA1I

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