Rupiah Strengthens To IDR 14.253 This Week, The Effect Of Evergrande Sentiment And Tapering-Off

JAKARTA - The rupiah exchange rate traded between banks in Jakarta at the beginning of the week closed higher due to global sentiment. The rupiah closed up 5 points or 0.04 percent to the position of IDR 14.253 per US dollar compared to the position at the close of the previous trade of IDR 14.258 per US dollar.

"The development of the rupiah is still quite stable in today's trading after weakening at the end of last week. The movement of the rupiah is still affected by global sentiment, namely easing fears of tapering and the Evergrande crisis," said Bank Mandiri money market analyst Rully Arya, quoted from Antara, Monday, September 27.

Market participants are still waiting on whether China Evergrande Group will pay interest on dollar bonds that mature on Thursday, September 30. The company has not issued any statement regarding the interest payments on the dollar bonds, the majority of which are foreign institutional investors.

If no payment is made this Thursday, technically Evergrande cannot be said to have defaulted unless it fails to make a payment within 30 days.

The Central Bank of China (PBOC) injected about 100 billion yuan (USD 15.5 billion) into the financial system after last week injecting 320 billion yuan.

"Rupiah this week may still remain stable, although slightly weakened compared to last week in the range of IDR 14.225 to IDR 14.305," said Rully.

Domestically, the number of daily COVID-19 cases on Sunday, September 26, increased by 1.760 cases, bringing the total number of confirmed cases of COVID-19 to 4.2 million. Meanwhile, the number of deaths due to exposure to COVID-19 reached 86 cases bringing the total to 141.467 cases.

Meanwhile, the number of recovered cases increased by 2.976 cases, bringing the total recovered patients to 4.02 million cases. Thus, the total active cases of COVID-19 reached 42.769 cases.

For vaccination, the number of people who have been injected with the first dose of vaccine has reached 86.46 million people and 48.53 million people who have received the second dose of vaccine from the target of 208 million people who were fully vaccinated.

The rupiah opened lower on Monday morning to IDR 14.261 per US dollar. Throughout the day the rupiah moved in the range of IDR 14.253 per US dollar to IDR 14.265 per US dollar.

Meanwhile, the Jakarta Interbank Spot Dollar Rate (JISDOR) exchange rate on Monday weakened to IDR 14.258 per US dollar compared to the previous day's position of IDR 14.250 per US dollar.