On Wednesday, Rupiah Raised 15 Points To Rp14,755 Per US Dollar

JAKARTA - The rupiah exchange rate on the spot market opened up slightly on trading Wednesday, May 20. The rupiah opened up 0.10 percent or 15 points to a level of Rp14,755 per United States dollar (US).

Head of Research at Monex Investindo Futures, Ariston Tjendra, said positive sentiment was still visible on the financial markets this morning despite the US financial market experiencing pressure last night.

"The market is still optimistic as the economy begins to move again and the development of the COVID-19 epidemic that has declined in several pandemic countries. Vaccine developments also support market optimism," Ariston told VOI.

However, he continued, the market remains cautious because uncertainty is still high because the outbreak has not been fully handled and economic data is still deteriorating.

"The rupiah can get support from the positive sentiment in the market this morning. The potential for strengthening is towards Rp14,700 with resistance in the range of Rp14,900 per US dollar.

This morning, the movement of the rupiah is in line with the majority of currencies in the region. The Thai baht led the way after rising 0.13 percent.

Then there is the Philippine peso which also managed to gain 0.12 percent. Next there was the Singapore dollar and the Malaysian ringgit which appreciated 0.08 percent and 0.04 percent respectively.

The Taiwan dollar was in the green zone after lifting 0.03 percent against the US dollar. The same thing happened to the Hong Kong dollar which was seen edging up 0.01 percent.

Meanwhile, the South Korean won became the currency with the deepest weakness after falling 0.10 percent. The Japanese yen and Chinese yuan are also in the red zone after dropping 0.07 percent and 0.01 percent respectively.