IDR is strengthening, yes. However, the strengthening might not last that long. (Image via Market Bisnis)

IDR strengthens to Rp13,695/USD

Alfonsus Adi Putra
Market & Investment
Foreign Exchange & Interest Rate
Feb 11, 2020
2462
On Tuesday’s foreign exchange (forex) spot market opening, Indonesian Rupiah (IDR) is seen at Rp13,695 against the U.S Dollar (USD). The rate strengthened by 0.12 percent compared to Monday’s closing rate, Rp13,712/USD. For today, IDR is moving around Rp13,670 - Rp13,720/USD.

Today, the majority of currencies in Asia – ASEAN regions strengthened against the USD. Thai Baht (THB) strengthened by 0.11 percent, Malaysia Ringgit (MYR) 0.07 percent, and both Turkish Lira (TRY) and Japanese Yen (JPY) strengthened slightly by 0.02 percent.

Nonetheless, S. Korean Won (KRW) weakened by 0.04 percent against the USD.

The majority of currencies in the developed countries region weakened instead. Both Great Britain Pound sterling (GBP) and the Canadian Dollar (CAD) weakened slightly by 0.01 percent, the European Union Euro (EUR) by 0.02 percent, and the Australian Dollar (AUD) by 0.05 percent against the USD.

Indonesian forex experts explained the trend behind the strengthening of IDR. The low U.S government bond’s yield rate, below 1.6 percent was a positive sentiment that hoisted IDR.

Nonetheless, the forex experts also warned that the strengthening might last temporarily. The market still worries about the novel coronavirus outbreak whose death toll passed 1,000. As the negative trend also puts a burden on commodity prices, it also puts a burden on IDR’s rate.

Source: https://bit.ly/39od8Hh

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