Monday Morning Rupiah Strengthened 0.40 Percent To Rp14,714 Per US Dollar

JAKARTA - The rupiah exchange rate was opened stronger at the opening of trading Monday, March 16. The rupiah on the spot market opened up 0.40 percent to a level of Rp14,714 per US dollar (US).

Monex Investindo Futures Head Researcher Ariston Tjendra said the US interest rate cut was close to 0 percent and the US Central Bank's additional monetary stimulus had not yet had a positive impact on financial markets, especially risky assets.

"Because maybe the market's attention is still focused on the global corona virus pandemic or COVID-19," Ariston told VOI.

He estimates that today the rupiah might be under pressure today with the potential in the range of Rp14,450-14,560 per US dollar.

In the region, the strengthening of the rupiah was only inferior to the Japanese yen which managed to increase by 0.64 percent. The majority of currencies in the region are also in the green zone.

The South Korean won managed to gain 0.30 percent. Meanwhile, the Hong Kong dollar and Taiwan dollar rose 0.16 percent and 0.02 percent, respectively.

Meanwhile, the Thai baht suffered after becoming the currency with the deepest weakness by 0.71% percent against the US dollar.

Following that, the Malaysian ringgit fell 0.415 percent, while the Singapore dollar and the Philippine peso fell 0.18 percent and 0.11 percent, respectively.