The coronavirus once again pushed IDR's growth. (Image via Market Bisnis)

IDR pushed back to Rp13,586/USD amid coronavirus

On Monday’s foreign exchange (forex) spot market opening, Indonesian Rupiah (IDR) is seen at Rp13,586 against the U.S Dollar (USD). The rate weakened by 0.03 percent compared to Friday’s rate at Rp13,582/USD. For today, IDR will be moving around Rp13,540 - Rp13,640/USD.

IDR is not alone this time. Going down together, the majority of the currencies in Asia – ASEAN regions also withered in the presence of the USD. Reportedly, S. Korean Won (KRW) weakened by 0.68 percent, the Philippines Peso (PHP) by 0.20 percent, and both Thai Baht (THB) and Singaporean Dollar also weakened by 0.16 and 0.19 percent respectively against the USD.

Moreover, both Turkish Lira (TRY) and the Hong Kong Dollar (HKD) withered by 0.14 percent and 0.03 percent against the USD.

Only one of the closest ally of the United States (U.S), Japanese Yen (JPY), strengthened by 0.25 percent against the USD.

On the other hand, the majority of currencies in the developed countries region also weakened against the USD. Great Britain Pound sterling (GBP) weakened by 0.03 percent, and both Australian Dollar (AUD) and the Canadian Dollar (CAD) weakened by 0.24 percent and 0.07 percent respectively against the USD.

Only the European Union Euro (EUR) strengthened by 0.07 percent against the USD.

Indonesian forex experts blamed the negative vibe from coronavirus that affected the market. Stream of news that reported an increase in death toll due to coronavirus and countries that saw its first and second patients caused huge concern.

While there is no report about the outbreak in Indonesia, the market still worries. Therefore, the virus also infects the risk asset, including Indonesia’s.

Source: https://bit.ly/2TY3LJT