Rupiah Is Opened Weekend, Gaining 70 Points To IDR14,105 Per US Dollar

JAKARTA - The rupiah exchange rate on the spot market opened higher on Friday, June 26 trading. The rupiah was able to strengthen 0.49 percent or 70 points to the level of Rp.14,105 per US dollar.

Head of Research at Monex Investindo Futures, Ariston Tjendra, said that this morning, there was a marked strengthening in the prices of risky assets such as the Asian stock index and emerging market exchange rates against the US dollar.

"This gain follows the strengthening that took place in US financial markets overnight," Ariston told VOI.

He explained that the financial market still has a tug of war between sentiment for economic recovery and sentiment for concerns about the increase in cases and the second wave of COVID-19.

Last night, the US Durable Goods Orders data released in May was better than expected, where there was a growth of 15.8 percent after previously experiencing a decline of 17.7 percent.

"This proves that the economy has begun to expand again after the opening of the economy amid the pandemic," he explained.

However, the number of COVID-19 cases is still a concern for global actors, or continues to increase from time to time.

"This concern is holding back the positive sentiment so that risk assets fluctuate in the same range," he said.

According to him, the rupiah may still move in the same range as yesterday and could slightly strengthen following the sentiment this morning.

"Today's rupiah will move in the range of Rp14,050-14,200 per US dollar," said Ariston.

This morning, the South Korean won became the region's biggest strengthening currency after gaining 0.56 percent. The next position was filled by the rupiah, which shot up 0.49 percent at the opening.

Next there was the Philippine peso, which rose 0.13 percent and the Singapore dollar, which rose 0.04 percent against the US dollar. Furthermore, there was the Thai baht and Malaysian ringgit which both edged up 0.01 percent.

Meanwhile, the Hong Kong dollar was seen moving slightly with a tendency to gain 0.003 percent. The same thing happened to the Japanese yen, which moved slightly between the green and red zones.

As for today's trade, the Taiwan dollar and Chinese yuan are still on holiday to commemorate the Dragon Boat festival.