The domestic economy condition lifts IDR higher. But, the experts feared that it won't last long. (Image via Market Bisnis)

Stable domestic economy, IDR goes up to Rp13,978/USD

On Friday’s foreign exchange (forex) spot market closing, the Indonesian Rupiah (IDR) is seen at Rp13,978 against the U.S Dollar (USD). The rate strengthened by 0.05 percent compared to Thursday’s closing rate.

Meanwhile, Jakarta Interbank Spot Dollar Rate (JISDOR) put IDR’s rate at weakening state against the USD at Rp13,993/USD. The rate weakened compared to Thursday’s rate at Rp13,983/USD.

On Friday evening, most currencies in the Asia – ASEAN regions weakened against the USD. Philippines Peso (PHP) weakened by 0.29 percent, Indian Rupee (INR) 0.17 percent, the Hong Kong Dollar (HKD) 0.05 percent, Malaysian Ringgit (MYR) 0.04 percent, Singaporean Dollar (SGD) 0.04, and Chinese Yuan (RMB) by 0.01 percent.

On the other hand, S. Korean Won (KRW) strengthened 0.46 percent, Turkish Lira (TRY) 0.30 percent, Thai Baht (THB) 0.06 percent. Both Japanese Yen (JPY) and Taiwanese Dollar (TWD) strengthened by 0.02 percent against the USD.

The majority of currencies of developed countries also strengthened against the USD. Great Britain Pound sterling (GBP) strengthened by 0.20 percent, and Australian Dollar (AUD) by 0.14 percent.

Only Canadian Dollar (CAD) weakened by 0.10 percent. Meanwhile, European Union Euro (EUR) remained stagnant against the USD.

Putting aside the trade war, the Indonesian forex experts pointed out that the stable condition of the domestic economy supported IDR’s rate. Despite the state and private debts due by the end of 2019, the Indonesian government managed to neutralize the roaring global economy and stabilize the domestic economy.

However, they also warned the possibility of Trump’s impeachment and strong external data release such as the U.S final estimation of gross domestic product (GDP) report released on Friday night.

They predicted that by Monday, IDR’s rate might weaken to around Rp13,982 - Rp14,035/USD.

Source: https://bit.ly/34IyxIr