The negative prediction from the IMF had pushed IDR back. (Image via Market Bisnis)

IDR weakens to Rp13,646/USD after a bad prediction from IMF

Alfonsus Adi Putra
Market & Investment
Foreign Exchange & Interest Rate
Jan 21, 2020
1980
On Tuesday’s foreign exchange (forex) spot market opening, Indonesian Rupiah (IDR) is seen at Rp13,646 against the U.S Dollar (USD). The rate weakened compared to Monday’s closing rate at Rp13,639/USD. Moreover, for today, IDR is moving around Rp13,600 - Rp13,700/USD.

However, IDR is not alone this time. Together with Rupiah, the majority of currencies in Asia – ASEAN regions altogether weakened against the USD. Reportedly, S. Korean Won (KRW) weakened by 0.08 percent, both the Hong Kong Dollar (HKD) and Malaysian Ringgit (MYR) by 0.02 percent, and Singaporean Dollar (SGD) slightly by 0.01 percent.

On the other hand, some currencies strengthened against the USD. Thai Baht (THB) strengthened by 0.05 percent, and Turkish Lira (TRY) slightly by 0.01 percent.

Only the Japanese Yen (JPY) remains stagnant against the USD.

The currencies of developed country regions reacted variously against the USD. Great Britain Pound sterling (GBP) and European Union Euro (EUR) weakened by 0.07 and 0.01 percent respectively.

On the other hand, the Canadian Dollar (CAD) slightly strengthened by 0.01 percent, and the Australian Dollar (AUD) by 0.08 percent against the USD.

Indonesian forex experts blamed the negative sentiment from the prediction of the International Monetary Fund (IMF) regarding the slow growth of the global economy. IMF cut its bright prediction from 3.4 percent to 3.3 percent because of the slow economic growth in India and emerging markets.

Source: https://bit.ly/2RgBdK5

Business , Finance , Politics , Economy , Market , Investment , Forex , ASEAN , Indonesia , IMF , IDR , USD