Phase One Glory is still doing its charm on Rupiah. (Image via Market Bisnis)

U.S and China get closer, IDR approaches Rp13,638/USD

Alfonsus Adi Putra
Market & Investment
Foreign Exchange & Interest Rate
Jan 17, 2020
2115
On Friday’s foreign exchange (forex) spot market opening, Indonesian Rupiah (IDR) is seen at Rp13,638 against the U.S Dollar (USD). The rate strengthened by 0.04 percent compared to Thursday’s closing rate at Rp13,643/USD. For today, IDR is moving around Rp13,600 - Rp13,700/USD.

Today, some currencies in Asia – ASEAN regions also strengthened against the USD. Reportedly, S. Korean Won (KRW) strengthened by 0.1 percent, Chinese Yuan (RMB) 0.04 percent, and Singaporean Dollar (SGD) by 0.02 percent.

Meanwhile, the remaining Asian - ASEAN currencies went down to the red zone.

Thai Baht (THB) weakened by 0.26 percent, Philippines Peso (PHP) by 0.19 percent, Indian Rupee (INR) by 0.17 percent, Malaysian Ringgit (MYR) by 0.08 percent, and Japanese Yen (JPY) by 0.03 percent. Only the Hong Kong Dollar (HKD) remains stagnant against the USD.

The majority of currencies in the developed country regions also weakened against the USD. Australian Dollar (AUD) weakened by 0.09 percent, Great Britain Pound sterling (GBP) by 0.05 percent, Russian Ruble (RUB) by 0.05 percent, Canadian Dollar (CAD) by 0.04 percent, Swiss Franc (CHF) by 0.02 percent, and European Union Euro (EUR) by 0.01 percent.

Indonesian forex experts said that IDR’s rate reaped the benefit from the “Phase One” agreement between the United States (U.S) and China. The agreement caused the U.S Stock Index to strengthen, even though Washington did not include the deletion of Chinese import tariffs.

The deletion of tariffs is expected to take place during the “Phase Two” agreement after the 2020 U.S Presidential Election.

Source: https://bit.ly/2tu5n3l

Business , Politics , Finance , Economy , Market , Investment , Forex , ASEAN , Indonesia , IDR , U.S , USD , China , Phase-One , Trade-war , Export-Import