The Rupiah Is Predicted To Continue To Weaken Today

JAKARTA - The rupiah exchange rate on the spot market trade opened weaker today. The rupiah on Friday, March 13 weakened 0.81 percent to a level of Rp14,649 per US dollar.

Monex Investindo Futures Research Head Ariston Tjendra said market sentiment did not improve after WHO declared a pandemic for the corona outbreak.

The prices of riskier assets, such as stocks, fell deeply. The Dow Jones Index is down 10 percent, and the Asian Stock Index is down more than 5 percent. This morning the Nikkei is already down more than 8 percent.

"This could put pressure on the rupiah today," said Ariston to VOI.

Currently, he said, the market is waiting for new stimulus policies from major countries such as the US to reduce market concerns and reduce the negative impact of the COVID-19 outbreak on the economy.

He predicts that today's rupiah will move in the range of IDR 14,450-14,650 per US dollar.

The rupiah weakened compactly along with all other Asian currencies. The Korean won led the weakening of Asian currencies against the US dollar by 1.42 percent, followed by the Chinese yuan which fell 0.99 percent, the Indian rupee weakened 0.77 percent, the Taiwan dollar weakened 0.45 percent, the Thai baht fell 0.41 percent, The Malaysian ringgit was down 0.40 percent and the Philippine pesso was down 0.36 percent.

Meanwhile, the Japanese yen weakened 0.32 percent, the Singapore dollar weakened 0.20 percent, and the Hong Kong dollar weakened 0.004 percent against the US dollar.