IDR promised to regain its strength after weakening to Rp14,125/USD. (Image via Market Bisnis)

IDR weakens slightly to Rp14,125/USD

On Thursday’s foreign exchange (forex) spot market opening, Indonesian Rupiah (IDR) is seen at Rp14,125 against the U.S Dollar (USD). The rate weakened by 0.09 percent compared to Wednesday’s closing rate at Rp14,112/USD. For today, IDR is moving around Rp14,035 - Rp14,196/USD.

Today, the majority of currencies in Asia – ASEAN regions strengthened against the USD. Reportedly, Malaysian Ringgit (MYR) strengthened by 0.25 percent, S. Korean Won (KRW) by 0.13 percent, and both the Hong Kong Dollar (HKD) and the Japanese Yen (JPY) strengthened slightly by 0.01 percent.

However, both Turkish Lira (TRY) and the Singaporean Dollar (SGD) weakened by 0.09 percent and 0.01 percent respectively against the USD.

On the other side of the world, the majority of currencies in the developed countries region weakened against the USD. The Canadian Dollar (CAD) and the Australian Dollar (AUD) weakened by 0.07 percent and 0.12 percent respectively, and Great Britain Pound sterling (GBP) by 0.01 percent against the USD.

Meanwhile, only the European Union Euro (EUR) strengthened by 0.06 percent against the USD.

While weakening. Indonesian forex experts stated that IDR’s rate might strengthen once more thanks to the positive global and domestic sentiments. The global sentiment showed U.S central bank, the Federal Reserve, cut the benchmark interest rate by 50 basis points.

Domestically, Indonesian forex experts said that the fundamental stability of domestic macroeconomics is preserved. Therefore, technically, there are chances that IDR will strengthen today.

Source: https://bit.ly/2THQdjW