Thursday Rupiah Opens Up 54 Points To Rp14,356 Per US Dollar

JAKARTA - The rupiah exchange rate on the spot market opened in positive territory on Thursday, July 9 trading. The rupiah opened up 0.37 percent or 54 points to a level of Rp14,356 per United States dollar (US).

Monex Investindo Futures Head Researcher, Ariston Tjendra said, today it seems that market players will prefer to focus on the potential for economic recovery amid the pandemic which provides positive sentiment to risk assets.

"This is able to encourage the strengthening of the rupiah," said Ariston to VOI.

Several economic data released this morning indicated a recovery. Japanese machine orders data for May increased 1.7 percent compared to the previous month after previously showing a decline.

In addition, the year on year (yoy) China Consumer and Producer Price Index data for June showed improvement.

"This morning the Asian stock index looks positive. The rupiah has the potential to also strengthen against the US dollar, with a range of Rp14,350-14,500 per US dollar," said Ariston.

On the other hand, he continued, the increasing rate of global COVID-19 transmission would still burden the movement of risky assets, including the rupiah.

This morning, the majority of currencies in the Asia Pacific region moved higher against the US dollar. The rupiah has gained number 1, followed by the Malaysian ringgit which has appreciated 0.16 percent.

Then, the Chinese yuan and the Philippine peso strengthened 0.14 percent and 0.12 percent respectively. The South Korean won has seen an appreciation of 0.10 percent.

The Taiwan dollar and Thai baht slightly strengthened 0.04 percent and 0.03 percent, respectively.

Meanwhile, the weaker currencies were the Indian rupee, which depreciated 0.11 percent, and the Japanese yen, which fell slightly by 0.06 percent.