USD pressed IDR to around Rp14,074 ahead of Biden's inauguration. (Image via Viva)

IDR weakens to Rp14,074

On Tuesday's foreign exchange (forex) spot market opening, the Indonesian Rupiah (IDR) is seen at Rp14,074 against the U.S Dollar (USD). The rate went down by 0.21 percent compared to Monday's closing rate at Rp14,070/USD.

This morning, the majority of the currencies in Asian countries strengthened instead against the USD. Reportedly, the Singaporean Dollar (SGD) went up by 0.17 percent, New Taiwan Dollar (TWD) 0.07 percent, S. Korean Won (KRW) by 0.17 percent, the Philippines Peso (PHP) by 0.02 percent, the Chinese Yuan (RMB) by 0.04 percent, the Malaysian Ringgit (MYR) by 0.12 percent, and Thai Baht (THB) by 0.21 percent.

Unfortunately, only the Japanese Yen (JPY) and the Indian Rupee (INR) followed the IDR's stead by weakening to 0.08 and 029 percent respectively.

Meanwhile, the currencies of the developed countries moved differently toward the USD. Reportedly, Great Britain Pound sterling (GBP) and the Australian Dollar (AUD) weakened respectively by 0.15 and 0.33 percent. Meanwhile, the Canadian Dollar (CAD) and Swiss Franc (CHF) strengthened by 0.21 and 0.04 percent respectively.

Indonesian forex analyst from Asia Valbury Futures, Lukman Leong, stated that IDR might be weakening even more, unfortunately. One of the causes is because of the inauguration of Joe Biden as the 46th President of the U.S. Lukman stated that the USD is strengthened by the market optimism over the U.S economy ahead of Biden's inauguration.

As for today, Lukman stated that the movement of IDR will be restricted for today. He calculated that IDR will move around Rp14,050 - Rp14,150/USD.

Source: https://bit.ly/2M4003T