USD buries IDR for today. (Image via Market Bisnis)

IDR weakens to Rp14,160/USD

On Friday's foreign exchange (forex) spot market opening, the Indonesian Rupiah (IDR) is seen at Rp14,160 against the U.S Dollar (USD). The rate weakened by 0.04% compared to Thursday's closing rate at Rp14,155/USD.

Today, the currencies of Asian countries reacted differently toward USD. Japanese Yen (JPY) weakened by 0.10%, New Taiwan Dollar (TWD) 0.01%, and Indian Rupee (INR) by 0.11%. On the other hand, the Singaporean Dollar (SGD) went up by 0.03%, S. Korean Won (KRW) by 0.12%, Philippines Peso (PHP) by 012%, Chinese Yuan (RMB) by 0.10%, Malaysian Ringgit (MYR) by 0.23%, and Thai Baht by 0.07%.

On the other side of the world, the majority of currencies of the developed countries appeared weakening in the presence of the USD. Great Britain Pound sterling (GBP) went down by 0.01%, the Australian Dollar (AUD) by 0.03%, and Swiss Franc (CHF) by 0.08%. Only the Canadian Dollar (CAD) managed to strengthen 0.03% against the USD.

Indonesian forex analyst and head of research at Monex Investindo, Ariston Tjendra, stated that the weakening of IDR is caused by the decision by the Bank of Indonesia (BI), cutting the reference rate. Reportedly, Indonesia's central bank cut the reference rate from 4% to 3.75% in November 2020. While IDR might be strengthening a bit today, the spike of novel coronavirus disease (COVID-19) cases still instils concern in the market.

Therefore, for today, IDR is predicted to move around Rp14,100 - Rp14,200/USD.