IDR is moving forward amid the coronavirus outbreak. (Image via Market Bisnis)

IDR rises to Rp13,654 amid coronavirus

On Friday’s foreign exchange (forex) spot market opening, Indonesian Rupiah (IDR) is seen at Rp13,654 against the U.S Dollar (USD). The rate strengthened by 0.08 percent compared to Thursday’s closing rate at Rp13,656/USD. For today, IDR is still moving around Rp13,600 - Rp13,650/USD.

However, the majority of currencies in Asia – ASEAN regions did not share the same joy as IDR, withering against the USD. Reportedly, Turkish Lira (TRY) weakened by 0.09 percent, S. Korean Won (KRW) by 0.11 percent, and Thai Baht (THB) by 0.09 percent.

Moreover, the Japanese Yen (JPY) and the Hong Kong Dollar (HKD) weakened by 0.04 percent and 0.03 percent respectively. The only currencies that strengthened against the USD were Malaysian Ringgit (MYR) and Singaporean Dollar (SGD) by 0.10 percent and 0.07 percent respectively.

On the other side of the world, the majority of currencies in the developed countries region reacted variously against the USD. Both Great Britain Pound sterling (GBP) and the Canadian Dollar (CAD) strengthened by 0.04 percent. Meanwhile, the Australian Dollar (AUD) weakened by 0.05 percent, and the European Union Euro (EUR) remains stagnant against the USD.

Indonesian forex experts said that the IDR’s strengthening is caused by the market’s calmness facing the coronavirus outbreak. On Thursday, the World Health Organization (WHO) explained that China could contain the virus effectively; hence, the world calmed down.

Moreover, the positive sentiment also came from the Chinese manufacturing and non-manufacturing index data released on Friday morning. The data showed the still-growing activities within level 50.

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