U.S obligation's low yield rate is cranking IDR even higher to touch Rp13,500-ish! (Image via Market Bisnis)

IDR reaches Rp13,500-ish!

On Friday’s foreign exchange (forex) spot market closing, Indonesian Rupiah (IDR) was seen at Rp13,583 against the U.S Dollar (USD). The rate strengthened tremendously by 0.41 percent compared to Thursday’s closing rate at Rp13,639/USD. Throughout the day, IDR was moving around Rp13,577 – Rp13.643/USD.

However, the forex rate from Jakarta Interbank Spot Dollar Rate (JISDOR) stated otherwise. IDR was reported weakening at Rp13,632/USD, weakening than Thursday’s rate at Rp13,626/USD.

On that day, the majority of currencies in Asia – ASEAN regions shared the same joy as IDR. Reportedly, the Chinese Yuan (RMB) strengthened by 0.5 percent, Philippines Peso (PHP) by 0.37 percent, Malaysian Ringgit (MYR) by 0.18 percent, S. Korean Won (KRW) by 0.1, percent. Singaporean Dollar (SGD) by 0.07 percent, and New Taiwan Dollar (NTD) by 0.04 percent against the USD.

Nonetheless, some currencies did not show the same might. The Hong Kong Dollar (HKD) weakened by 0.01 percent, Thai Baht (THB) by 0.09 percent, and Japanese Yen (JPY) by 0.11 percent against the USD.

On the other hand, the majority of currencies in the developed countries region also showed their strengths. Australian Dollar (AUD) strengthened by 0.09 percent, the Canadian Dollar (CAD) by 0.04 percent, and Great Britain Pound sterling (GBP) by 0.18 percent.

The strengthening of IDR is seen as the result of the U.S obligation’s low yield rate. Domestically, Bank Indonesia (BI) did not issue any news that affects IDR negatively; hence. IDR is sailing smoothly.

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