IDR strengthens to approach Rp15,000/USD. (Image via Tempo.co)

IDR strengthens to Rp16,108/USD

Alfonsus Adi Putra
Market & Investment
Foreign Exchange & Interest Rate
Mar 27, 2020
2190
On Friday’s foreign exchange (forex) spot market opening, Indonesian Rupiah was seen at Rp16,108 against the U.S Dollar (USD). The rate strengthened by 1.21 percent compared to Thursday’s closing rate at Rp16,305/USD. For today, IDR is moving around Rp16,300 - Rp16,575/USD.

Following IDR, the majority of currencies in the Asia – ASEAN regions also strengthened against the USD. Reportedly, S. Korean Won (KRW) strengthened by 1.45 percent, Indian Rupee (INR) by 1.25 percent, Malaysian Ringgit (MYR) by 0.57 percent, Chinese Yuan (RMB) by 0.55 percent, Japanese Yen (JPY) by 0.27 percent, the Philippines Peso (PHP) by 0.12 percent, New Taiwanese Dollar (NTD) by 0.11 percent, and Thai Baht (THB) by 0.09 percent.

Only Turkish Lira (TRY) and the Hong Kong Dollar (HKD) weakened against the USD by 0.09 percent and 0.02 percent.

On the other side of the world, the currencies in the developed countries region reacted variously against the USD. Both the Australian Dollar (AUD) and the European Union Euro (EUR) strengthened by 0.09 percent and 0.08 percent. Meanwhile, Great Britain Pound sterling (GBP) and the Canadian Dollar (CAD) weakened by 0.24 percent and 0.21 percent.

Despite strengthening, Indonesian forex experts stated that the IDR’s rate might weaken due to the negative sentiments on the ongoing outbreak of the novel coronavirus (COVID-19). The stimulus from the U.S government has not been given consent by the U.S Congress. Should it pass, the positive sentiment might strengthen IDR.

Source: https://bit.ly/33Pka6k

Market , Economy , Business , Finance , Forex , ASEAN , Indonesia , IDR , USD , COVID-19