Buying USD with IDR. (Image via Kompasiana)

IDR stuck at Rp14,170/USD

On Friday's foreign exchange (forex) spot market closing, the Indonesian Rupiah (IDR) is seen at Rp14,170 against the U.S Dollar (USD). The rate remains stagnant since Thursday. Meanwhile, Jakarta Interbank Spot Dollar Rate (JISDOR) placed IDR at Rp14,222/USD or weakening compared to Thursday's closing rate at Rp14,187/USD.

Together with IDR, Indian Rupee (INR) also remains stagnant. The other Asian currencies remain on the green zone. The Philippines Peso (PHP) strengthened by 0.55%, Malaysian Ringgit (MYR) by 0.14%, Thai Baht (THB) by 0.11%, Chinese Yuan (RMB) by 0.03%, Singaporean Dollar (SGD) by 0.01%, Japanese Yen (JPY) by 0.01%, and Hong Kong Dollar (HKD) by 0.01%. However, the S. Korean Won (KRW) weakened by 0.07%.

The currencies of the developed countries also strengthened against the USD. Great Britain Pound sterling (GBP) strengthened by 0.28%, and the European Union Euro (EUR) went up by 0.08%. While Australian Dollar remains stagnant against the USD, Russian Ruble (RUB) and Swiss Franc (CHF) weakened against the USD by 0.05% and 0.04% respectively.

Analyst at Asia Valbury Futures, Lukman Leong, stated that the silence of the IDR is because there is no positive sentiment to help it grow stronger by this week. Previously, the IDR showed its might due to the positive sentiment from the promising development of the vaccine by the U.S pharmaceutical company, Pfizer, for the novel coronavirus disease (COVID-19).

Nonetheless, Lukman projected that IDR might strengthen once more before 2021, as the U.S is turning its administration for its 46th President.

Source: https://bit.ly/3nkLTEr