Thursday Morning, Rupiah Is The Strongest In Asia Pacific, Chinese Yuan Weakens Alone

JAKARTA - The rupiah exchange rate on the spot market opened stronger on Thursday, August 6 trading. Rupiah was opened immediately and stepped on the gas 80 points or 0.55 percent to the level of Rp14,470 per US dollar (US).

Monex Investindo Futures Head of Research, Ariston Tjendra, said that this morning the US dollar was still seen weakening against the exchange rate of emerging markets or developing countries.

"The rupiah still has the potential to strengthen throughout the day," said Ariston to VOI.

Yesterday, he said, data on changes in the number of people employed outside the agricultural sector and government in the US surveyed by a private US company, Automatic Data Processing Inc., reported an increase but far below market expectations.

"So this gives a negative sentiment to the US dollar, 167 thousand people vs the expectations of 1.2 million people," he said.

In addition, discussion of the US $ 1 trillion US fiscal stimulus remains a positive sentiment for emerging market exchange rates.

"The rupiah has the potential to strengthen with the potential range today at Rp14,400-14,650 per US dollar," he explained.

This morning until 09,000 WIB, the majority of currencies in the Asian region seemed to be strengthening, with the rupiah as the strongest against the US dollar.

Following the rupiah, the South Korean won followed suit, strengthening 0.37 percent. Followed by the Taiwan dollar which strengthened 0.27 percent.

The Indian rupee and Japanese yen gained 0.15 percent and 0.06 percent, respectively. The Singapore dollar and Thai baht both edged up 0.04 percent.

Meanwhile, the Chinese yuan was the only currency that weakened by depreciating 0.12 percent. And the Hong Kong dollar looks stagnant against the US dollar.