IDR's growth is infected by the coronavirus (Image via Market Bisnis)

Wuhan's coronavirus pushes IDR to Rp13,675/USD

On Wednesday’s foreign exchange (forex) spot market opening, Indonesian Rupiah (IDR) is seen at Rp13,675 against the U.S Dollar (USD). The rate weakened by 0.04 percent compared to Tuesday’s closing rate at Rp13,669/USD. For today, IDR is moving around Rp13,640 - Rp13,700/USD.

For today, the majority of currencies in Asia – ASEAN regions strengthened against the USD. Reportedly, S. Korean Won (KRW) strengthened by 0.08 percent, Malaysian Ringgit (MYR) weakened by 0.14 percent, Turkish Lira (TRY) by 0.06 percent, and Thai Baht (THB) by 0.05 percent against the USD.

Only Japanese Yen (JPY) strengthened by 0.05 percent, and Singaporean Dollar (SGD) remains stagnant against the USD.

The currencies of developed countries region reacted variously against the USD. Great Britain Pound sterling (GBP) and European Union Euro (EUR) strengthened by 0.01 and 0.03 percent respectively. Meanwhile, the Canadian Dollar (CAD) weakened by 0.05 percent, accompanied by Australian Dollar (AUD) weakening by 0.03 percent against the USD.

Indonesian forex experts blamed Wuhan’s coronavirus that not only does it infect human but also it infects IDR’s rate. The global market is concerned about the coronavirus outbreak that had reached the United States (U.S).

Fortunately, a piece of good news came from the Federal Reserve, having injected US$500 billion to the market via repo to stabilize liquidity. The positive sentiment reached out to IDR so that it did not fall too hard.

Source: https://bit.ly/2uhPm0p