U.S data made IDR went down once again. (Image via Visi Jabon)

IDR struck to Rp15,669/USD

On Thursday’s foreign exchange (forex) spot market opening, Indonesian Rupiah is seen at Rp15,669 against the U.S Dollar (USD). The rate weakened by 0.60 percent compared to Wednesday’s closing rate at Rp15,645/USD. For today, IDR is moving around Rp15,550 - Rp15,750/USD.

Today, the majority of currencies of Asia – ASEAN countries also weakened against the USD. Reportedly, S. Korean Won (KRW) weakened by 0.82 percent, Malaysian Ringgit (MYR) by 0.64 percent, the Japanese Yen (JPY) by 0.39 percent, Singaporean Dollar (SGD) by 0.25 percent, Chinese Yuan (RMB) by 0.13 percent, Philippines Peso (PHP) by 0.1 percent, and Thai Baht (THB) by 0.1 percent.

Only the Hong Kong Dollar (HKD) remains stagnant against the USD.

Meanwhile, the currencies of the developed countries are also facing the same hindrance. Great Britain Pound sterling (GBP) weakened by 0.33 percent, Swiss Franc (CHF) by 0.28 percent, European Union Euro (EUR) by 0.26 percent, Russian Ruble (RUB) by 0.14 percent, and the Canadian Dollar (CAD) by 0.06 percent.

Indonesian forex experts said that IDR was forced to retreat because of the negative sentiments from the global financial market. The market players are concerned with the economic effect of the outbreak of the novel coronavirus disease (COVID-19).

Moreover, the U.S retail sales index slumped 8.7 percent for March 2020, the lowest in US history since 1992. The manufacturing index in New York also freefell 78.2 percent. U.S central bank, the Federal Reserve, announced that the jobless rate also increased due to the pandemic.

Previously, the International Monetary Fund (IMF) had also warned about the slump in the global economy and nations due to the pandemic. COVID-19 causes all trade, industries, and other business sectors to stop and stares for a while.

Source: https://bit.ly/34CyG1O