Indonesian Rupiah (IDR) is limping due to the outbreak of COVID-19. (Image via Tempo.co)

IDR weakens to Rp15,315/USD

Alfonsus Adi Putra
Market & Investment
Foreign Exchange & Interest Rate
Mar 19, 2020
1417
On Thursday’s foreign exchange (forex) spot market opening, the Indonesian Rupiah (IDR) is seen at Rp15,315 against the U.S Dollar (USD). The rate weakened by 0.61 percent compared to Wednesday’s closing rate. For today, the IDR is moving around Rp15,250 - Rp15,500/USD.

Today, the majority of currencies in Asia – ASEAN regions fell down against the USD. Reportedly, S. Korean Won (KRW) weakened by 1.70 percent, the Japanese Yen (JPY) by 0.81 percent, the Chinese Yuan (RMB) by 0.61 percent, New Taiwanese Dollar (NTD) by 0.40 percent, Malaysian Ringgit (MYR) by 0.23 percent, Singaporean Dollar (SGD) by 0.15 percent, Thai Baht (THB) by 0.17 percent, Philippines Peso (PHP) by 0.04 percent, and Hong Kong Dollar (HKD) by 0.01 percent.

Only Turkish Lira (TRY) and Indian Rupee (INR) strengthened by 0.06 percent and 0.02 percent respectively against the USD.

On the other side of the world, the majority of currencies in the developed countries region also weakened against the USD. Great Britain Pound sterling (GBP) and the European Union Euro (EUR) weakened by 0.56 percent and 0.23 percent respectively, while the Australian Dollar (AUD) and the Canadian Dollar (CAD) weakened by 1,47 percent and 0.41 percent respectively against the USD.

Still, the Indonesian forex experts claimed that the novel coronavirus (COVID-19) is the mastermind behind the weakening. The global report from the S&P which said that the global economy will face recession also contributed to IDR’s weakening. The 2020 global economic growth projection once saw 3.3 percent growth, now it is projected at 1 – 1.5 percent only.

All world governments responded by launching additional stimulus packages.

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

Business , Economy , Market , Investment , Forex , ASEAN , Indonesia , IDR , USD , COVID-19