IDR strengthens amid the COVID-19 by the buyback trend. (Image via Market Bisnis)

IDR strengthens to Rp14,335/USD

On Wednesday’s foreign exchange (forex) spot market opening, the Indonesian Rupiah (IDR) is seen at Rp14,335 against the U.S Dollar (USD). The rate strengthened by 0.12 percent compared to Tuesday’s closing rate at Rp14,352/USD. For today, IDR is moving around Rp14,230 - Rp14,420/USD.

Today, the majority of currencies in the Asia – ASEAN regions weakened against the USD. Reportedly, Turkish Lira (TRY) weakened by 0.24 percent, Malaysian Ringgit (MYR) by 0.21 percent, Thai Baht (THB) by 0.03 percent, and the Hong Kong Dollar (HKD) by 0.01 percent.

On the other hand, some currencies strengthened. Reportedly, the Japanese Yen (JPY) strengthened by 0.72 percent, S. Korean Won (KRW) by 0.22 percent, and the Philippines Peso (PHP) by 0.12 percent against the USD.

On the other side of the world, the currencies in the developed regions also weakened against the USD. Both the Australian Dollar (AUD) and Canadian Dollar (CAD) weakened by 0.19 percent and 0.10 percent respectively.

Only the European Union Euro (EUR) strengthened by 0.38 percent, while the Great Britain Pound sterling (GBP) remains stagnant against the USD.

Indonesian forex experts claimed that the IDR’s strengthening is caused by the positive sentiment in the market toward the stock buybacks done by some public enterprises as an economic stimulus. for domestic economic growth Moreover, the U.S inflation data, slumping from 0.1 to 0.0 percent, might be another positive sentiment that will hoist IDR higher.

Source: https://bit.ly/38B4X9O