Tuesday Rupiah Weakened 25 Points To Rp14,450 Per US Dollar

JAKARTA - The rupiah exchange rate on the spot market was closed lower on trading Tuesday, July 14. The rupiah closed down 25 points or 0.17 percent to a level of Rp14,450 per US dollar.

Head of Research at Monex Investindo Futures, Ariston Tjendra, had previously predicted that the rupiah was under pressure today after the US stock index last night and this morning some Asian stock indexes weakened due to market concerns about the increasing global COVID-19 cases.

The downturn was also caused by sentiment from the ongoing tensions between the US and China. Meanwhile, he said, the state of California, the United States, has returned to lockdown due to the increase in the number of COVID-19 transmission.

This lockdown could disrupt the US economic recovery. Regarding US-China relations, this time the US is taking issue with China's claim to resources in the South China Sea.

This afternoon, the majority of currencies in the Asia Pacific region moved lower against the US dollar, led by the Thai baht which fell 0.63 percent. Followed by the South Korean won which depreciated 0.43 percent.

Then the Indian rupee weakened 0.33 percent. The Singapore dollar and the Philippine peso weakened 0.27 percent and 0.19 percent, respectively.

The Malaysian rupiah and ringgit both weakened 0.17 percent. The Taiwan dollar was down 0.11 percent.

Meanwhile the Hong Kong dollar and Japanese yen looked stagnant against the US dollar.