IDR strengthens only to fall. (Image via Market Bisnis)

IDR goes up to Rp13,985/USD

Alfonsus Adi Putra
Market & Investment
Foreign Exchange & Interest Rate
Feb 27, 2020
1750
On Thursday’s foreign exchange (forex) spot market opening, Indonesian Rupiah (IDR) is seen at Rp13,935 against the U.S Dollar (USD). The rate strengthened by 0.04 percent compared to Wednesday’s closing rate at Rp13,940/USD. For today, IDR is moving around Rp13,900 - Rp14,000/USD.

Today, the majority of currencies in the Asia – ASEAN regions strengthened against the USD. Reportedly, Malaysian Ringgit (MYR) strengthened 0.20 percent, Philippines Peso (PHP) by 0.19 percent, New Taiwan Dollar (NTD) by 0.17 percent, Japanese Yen (JPY) by 0.17 percent, S. Korea Won (KRW) by 0.05 percent, Singaporean Dollar (SGD) by 0.04 percent, Thai Baht (THB) by 0.03 percent.

On the other hand, only Turkish Lira (TRY) weakened by 0.06 percent, while the Hong Kong Dollar (HKD) remains stagnant against the USD.

On the other side of the world, the majority of currencies in the developed countries region also strengthened against the USD. Great Britain Pound sterling (GBP) and the European Union Euro (EUR) strengthened by 0.12 percent and 0.17 percent respectively, the Australian Dollar (AUD) by 0.14 percent, and the Canadian Dollar (CAD) by 0.01 percent against the USD.

While strengthening, Indonesian forex experts warned that IDR might weaken once more due to the negative sentiment caused by the novel coronavirus (COVID-19). The World Health Organization (WHO) stated that there is a possibility the COVID-19 might turn from epidemic to pandemic as it is spreading to countries outside China.

Moreover, the U.S 10-year government bond also went down to its lowest level in history at 1.29 percent.

Source: https://bit.ly/2w4Hpwt

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