COVID-19 makes Indonesian Rupiah sneeze further. (Image via Market Bisnis)

IDR sneezes to Rp14,396/USD

On Tuesday’s foreign exchange (forex) spot market opening, Indonesian Rupiah (IDR) is seen at Rp14,396 against the U.S Dollar (USD). The rate weakened by 0.03 percent compared to Monday’s closing rate at Rp14,392/USD. For today, IDR is expected to move around Rp14,500 - Rp14,260/USD.

Today, the majority of the currencies in Asia – ASEAN regions weakened against the USD. Reportedly, the Japanese Yen (JPY) weakened by 0.17 percent, Malaysian Ringgit (MYR) by 0.32 percent, and Chinese Yuan (RMB) by 0.19 percent. Next, the Turkish Lira (TRY) also weakened by 0.07 percent, followed by the Hong Kong Dollar (HKD) weakening slightly by 0.01 percent.

On the other hand, some currencies strengthened instead. S. Korean Won (KRW) strengthened by 0.60 percent, Thai Baht (THB) by 0.38 percent, New Taiwanese Dollar (NTD) by 0.23 percent, and Singaporean Dollar (SGD) by 0.06 percent against the USD.

On the other side of the world, the majority of the currencies in the developed countries region also weakened against the USD. Both Great Britain Pound sterling (GBP) and the European Union Euro (EUR) weakened by 0.49 percent and 0.52 percent respectively. The Australian Dollar (AUD) also weakened by 0.13 percent.

Meanwhile, only the Canadian Dollar (CAD) strengthened by 0.45 percent against the USD.

Indonesian forex experts stated that the IDR’s weakening was due to the negative sentiment related to the massive novel coronavirus (COVID-19) outbreak. The Dow Jones index recorded the worst daily point drop in its history, more than 2,000 points. That was even worse than the 2008 crisis.

The COVID-19 is expected to halt global economic growth. Some countries have planned their contingency plans to suppress the impact on their economy.

Source: https://bit.ly/2TCUtT6