Corona Virus Outbreak, Rupiah Closed Weak Monday

Illustration. (Photo: Bank Indonesia)

JAKARTA - The rupiah exchange rate on the spot market at the close of trading Monday, January 27, was closed lower. The rupiah exchange rate weakened 32 points or 0.24 percent to a level of Rp13,615 per US dollar.

Monex Investindo Futures Head Researcher Ariston Tjendra told VOI, Monday, January 27 that the weakening of the rupiah was triggered by the corona virus outbreak. Concerns that the virus outbreak could weaken risk assets in emerging market countries, including Indonesia.

Moreover, he said, a lot of news reports an increase in the number of deaths due to this virus and more countries that this virus enters.

So far, the corona virus has spread in 10 countries including the United States, Japan and France. China's National Health Commission said on Sunday January 26, more than 2,700 people were infected globally. This epidemic has also cost 80 people in China their lives.

The majority of currencies in Asia are weak against the US dollar. The Korean won was the weakest currency after falling 0.79 percent. Furthermore, there were the Thai baht and Singapore dollar which weakened 0.41 percent and 0.35 percent, respectively.

Quarter three money weakening also occurred in the Taiwan dollar, which fell 0.25 percent. While the Indian rupee weakened 0.15 percent, the Philippine peso and Hong Kong dollar lost 0.13 percent and 0.05 percent, respectively.

Meanwhile the Japanese yen was the region's only currency in the green zone after gaining 0.20 percent.