Rupiah Up And Down On Friday Morning

Illustrated. (Irfan Meidianto / VOI)

JAKARTA - The rupiah exchange rate at the sar spot opened higher on Friday, August 7 trading. The rupiah opened up 30 points to a level of Rp14,555 per US dollar (US).

However, 20 minutes later, the rupiah depreciated slightly. At 9:20 am, the rupiah weakened 0.09 percent or 13 points to a level of Rp14,598 per US dollar.

Monex Investindo Futures Head Researcher Ariston Tjendra said this morning, the 10-year tenor US government bond yields had weakened to around 0.527 percent, down about 2.1 percent compared to yesterday's closing.

"This shows that the demand for safe assets is quite high and could indicate a growing concern in the financial market," Ariston told VOI.

The market is worried about the disruption of global economic recovery due to the uncontrolled COVID-19 pandemic and strained US-China relations.

"The rupiah could weaken today because of these concerns. The potential is in the range of Rp14,500-14,700 per US dollar." he said.

This morning, currencies in the Asia Pacific region mostly moved lower against the mixed US dollar. The downturn was led by the South Korean won, which fell 0.29 percent.

Followed by the Thai baht which weakened 0.22 percent. The Chinese yuan and Singapore dollar both fell 0.12 percent.

The Malaysian ringgit and the Philippine peso fell 0.07 percent and 9.05 percent, respectively. The Japanese yen is seen slightly weakening 0.01 percent.

Meanwhile, the currencies that strengthened against the US dollar were the Taiwan dollar and the Indian rupee, which strengthened 0.06 percent and 0.01 percent, respectively.