Thanks to the positive sentiment from the U.S stock exchange, IDR gains another yard. (Image via Market Bisnis)

IDR rises to Rp13,965/USD thanks to the U.S stock exchange

On Monday’s foreign exchange (forex) spot market opening, the Indonesian Rupiah (IDR) is seen at Rp13,965 against the U.S Dollar (USD). The rate strengthened by 0.09 percent compared to the rate on Friday’s closing at Rp13,978/USD. For today, IDR is moving around Rp14.950 - Rp14.030/USD.

Today, most currencies in the Asia – ASEAN regions weakened against the USD. S. Korean Won (KRW) weakened by 0.18 percent, Turkish Lira (TRY) by 0.02 percent, and both the Hong Kong Dollar (HKD) & Singaporean Dollar (SGD) weakened by 0.04 percent.

Only the Philippines Peso (PHP) and the Japanese Yen (JPY) strengthened against the USD by 0.04 percent and 0.01 percent respectively.

On the other hand, most currencies in the developed countries strengthened against the USD. Great Britain Pound sterling (GBP) strengthened by 0.03 percent, Australian Dollar (AUD) by 0.04 percent, and the Canadian Dollar (CAD) by 0.05 percent.

Meanwhile, only the European Union Euro (EUR) weakened by 0.02 percent against the USD.

Regarding the strengthening of IDR, Indonesian forex experts explained that the positive sentiment from the strengthening of the U.S stock exchange was the main factor. The strengthening of the U.S stock exchange could also mean positive sentiment to the movement of the risk asset.

Moreover, the advancement of the “Phase One” negotiation between the U.S and China also helped IDR to regain its ground. Reportedly on Friday night last week, the President of the U.S, Donald Trump, hinted a prospect in the implementation of the Phase One agreement.

Source: https://bit.ly/34TuHfX