IDR falters further due to COVID-19. (Image via Market Bisnis)

IDR falters further to Rp14,640/USD

On Friday, the foreign exchange (forex) spot market opening, Indonesian Rupiah (IDR) is seen at Rp14,640 against the U.S Dollar (USD). The rate weakened by 0.81 percent compared to Thursday’s closing at Rp14,522/USD. For today, IDR is moving around Rp14,450 - Rp14,650/USD.

Today, the majority of ASEAN – Asia currencies weakened against the USD. Reportedly, S. Korean Won (KRW) weakened by 0.53 percent, New Taiwanese Dollar (NTD) by 0.53 percent, and Malaysian Ringgit (MYR) by 0.41 percent.

Next, the Philippines Peso (PHP) weakened by 0.34 percent, Thai Baht (THB) by 0.34 percent, Japanese Yen (JPY) by 0.32 percent, and the Singaporean Dollar (SGD) 0.16 percent.

Only Turkish Lira (TRY) and the Hong Kong Dollar (HKD) strengthened against the USD by 0.07 percent and 0.02 percent.

On the other side of the world, the majority of the currencies in the developed countries region also weakened against the USD. Both Great Britain Pound sterling (GBP) and the European Union Euro (EUR) weakened by 0.30 percent and 0.13 percent, followed by the Canadian Dollar (CAD) weakening by 0.05 percent. Only the Australian Dollar (AUD) strengthening against the USD by 0.95 percent.

Indonesian forex experts stated that the weakening was still caused by the ongoing novel coronavirus (COVID-19) which has been declared as a pandemic. The pandemic caused the risk asset such as stock to freefall. Dow Jones fell by 10 percent, Asian stock index by more than 5 percent, and Nikkei descended over eight percent.

The countries are waiting for the U.S to release new economic stimulus policies to help alleviate the negative impact due to the COVID-19.

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