(ANTARA FOTO/Nova Wahyudi).

Rupiah Conquers US Dollar at Rp. 14,595

The rupiah exchange rate was in the position of Rp14,595 per US dollar on the spot market trading on Thursday (7/23) morning. Indonesia's currency strengthened 55 points or 0.38 percent from Rp14,650 the previous day.

The rupiah strengthened along with some Asian currencies, such as the Singapore dollar which rose 0.06 percent, the Malaysian ringgit 0.06 percent, the Japanese yen 0.02 percent and the Hong Kong dollar 0.01 percent.

Meanwhile, some other Asian currencies are actually in the red zone. South Korea's won weakened 0.28 percent, Philippine pesos minus 0.08 percent, Chinese yuan minus 0.07 percent, and Thai baht minus 0.01 percent.

Something similar happened in the ranks of the major currencies of developed countries. Russian rubles weakened 0.12 percent, the Australian dollar minus 0.03 percent, and the British pound minus 0.01 percent.

While others are still observed to strengthen from the US dollar. The Canadian dollar strengthened 0.08 percent, the European euro 0.03 percent and the Swiss franc 0.03 percent.

Despite strengthening, Analyst and Head of Research at Monex Investindo Ariston Tjendra saw that the rupiah exchange rate might reverse in the spot market trading this afternoon.

The projection is that Garuda's currency moves in the range of Rp. 14,600 to Rp. 14,800 per US dollar.

According to him, the risk of weakening the rupiah came from tense relations between the US and China because of orders to close the Chinese consulate office in Houston, USA. The US move is likely to get a reply from China and worsen the two relations

Furthermore, unfavorable trade relations between the US and China make market participants increasingly worried about the economic prospects going forward. In fact, the economy has not been able to recover from the pressures of the corona virus or covid-19.

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