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IDR is pushed back due to the COVID-19. (Image via Market Bisnis)
IDR starts the week by weakening to Rp13,790/USD
Starting the week on Monday’s foreign exchange (forex) spot market opening, Indonesian Rupiah (IDR) is seen at Rp13,790 against the U.S Dollar (USD). The rate weakened by 0.22 percent compared to the rate last weekend at Rp13,760/USD. For today, the IDR is moving around Rp13,720 - Rp13,820/USD.Today, the majority of currencies in the Asia – ASEAN regions weakened against the USD. Reportedly, S. Korean Won (KRW) weakened by 0.62 percent, Malaysian Ringgit (MYR) by 0.60 percent, Thai Baht (THB) by 0.48 percent, and Singaporean Dollar (SGD) by 0.25 percent.
Turkish Lira (TRY) also weakened by 0.25 percent, New Taiwan Dollar (NTD) by 0.18 percent, Philippines Peso (PHP) by 0.16 percent, and the Hong Kong Dollar (HKD) by 0.09 percent.
Only the Japanese Yen (JPY) strengthened against the USD by 0.01 percent.
On the other side of the world, the majority of currencies in the developed countries region also weakened against the USD. Both the Australian Dollar (AUD) and Canadian Dollar (CAD) weakened by 0.23 percent. Meanwhile, the European Union Euro (EUR) and Great Britain Pound sterling (GBP) both also weakened by 0.14 percent and 0.10 percent respectively against the USD.
Indonesian forex experts explained that the mass weakening of the global currencies, including IDR, is caused by the negative sentiments from the novel coronavirus (COVID-19). As South Korea (S. Korea) reported an increase in confirmed cases, the market breaks out in a cold sweat.
Source: https://bit.ly/2PjtBoN
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