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Indonesian Rupiah (IDR) weakened all by itself. (Image via Indonesia Expat)
IDR weakens all by itself
On Monday’s foreign exchange (forex) spot market opening, Indonesia Rupiah (IDR) is seen at Rp15,455 against the U.S Dollar (USD). The rate weakened by 55 basis points or 0.36 percent from Friday’s closing rate last week at Rp15,400/USD. For today, IDR is moving around Rp15,400-Rp15,600/USD.Today, unlike IDR, the majority of currencies of Asia – ASEAN countries showed their might against the USD. Reportedly, S. Korean Won (KRW) weakened by 0.32 percent, Thai Baht (THB) by 0.02 percent, Singaporean Dollar (SGD) by 0.16 percent, Chinese Yuan (RMB) by 0.11 percent, Malaysian Ringgit (MYR) by 0.11 percent, the Philippines Peso (PHP) 0.12 percent.
Only the Japanese Yen (JPY) joined IDR by weakening by 0.02 percent, while the Hong Kong Dollar (HKD) remains stagnant.
On the other side of the world, the majority of currencies of the developed countries also strengthened against the USD. The Australian Dollar (AUD) strengthened by 0.99 percent, European Union Euro (EUR) by 0.03 percent, the Canadian Dollar (CAD) by 0.27 percent, and Great Britain Pound sterling (GBP) by 0.19 percent.
Indonesian forex experts projected that the rate will not be far from Rp15,000-ish. IDR’s rate will remain stable thanks to the effort by the Bank of Indonesia (BI). Global sentiment will not do anything bad to IDR’s rate.
Previously, the Governor of BI, Perry Warjiyo, stated that BI is using a US$7 billion forex reserve in March to stabilize IDR’s exchange rate hit hard due to the outbreak of the novel coronavirus disease (COVID-19). Last month, IDR exceeded even Rp16,500/USD.
Source: https://bit.ly/2VHZ0Vw
