COVID-19 threatens to push back IDR to Rp14,000-ish. (Image via Market Bisnis)

IDR gets infected by COVID-19

Alfonsus Adi Putra
Market & Investment
Foreign Exchange & Interest Rate
Feb 26, 2020
1721
On Wednesday’s foreign exchange (forex) spot market opening, Indonesian Rupiah (IDR) is seen weakening even further at Rp13,905 against the USD. The rate slumped by 0.13 percent compared to Tuesday’s closing rate at Rp13,886/USD. For today, IDR is moving around Rp13,870 - Rp13,950/USD.

Today, IDR is not alone as the majority of currencies in the Asia – ASEAN regions weakened against the USD. Reportedly, S. Korean Won (KRW) weakened by 0.39 percent, Japanese Yen (JPY) by 0.11 percent, and Turkish Lira (TRY) by 0.07 percent.

Next, Malaysian Ringgit (MYR) also weakened by 0.06 percent, followed by Thai Baht (THB) and Singaporean Dollar (SGD) which weakened by 0.05 percent and 0.04 percent respectively against the USD.

Only the Hong Kong Dollar (HKD) strengthened by 0.01 percent against the USD.

On the other side of the world, the majority of currencies in the developed countries region also showed weak signs. Great Britain Pound sterling (GBP) and European Union Euro (EUR) weakened by 0.06 percent and 0.13 percent respectively, the Australian Dollar (AUD) by 0.05 percent, and the Canadian Dollar (CAD) by 0.09 percent against the USD.

Indonesian forex experts claimed that the weakening of IDR and other currencies were caused by the statement issued by the World Health Organization (WHO) on the novel coronavirus (COVID-19) originating from Wuhan, Hubei Province, Central China.

The WHO warned that the COVID-19 may turn from epidemic to pandemic, causing the market to worry as the outbreak spread even further.

Source: https://bit.ly/3c7imcE

Business , Finance , Economy , Market , Investment , Forex , Medical , Health , Disease , Pulmonary , Pneumonia , Coronavirus , COVID-19 , ASEAN , Indonesia , IDR , USD