Monday Rupiah Strengthens Thanks To China's Economic Growth Raised By 4.9 Percent

Illustration. (Irfan Meidianto / VOI)

JAKARTA - The rupiah exchange rate on the spot market opened higher on Monday, October 19 trading. The rupiah opened up 28 points to a level of Rp14,670 per US dollar (US).

Head of Research at Monex Investindo Futures, Ariston Tjendra, said that earlier this week, the market opened with positive sentiment that boosted risk asset prices.

"The market has responded positively to the optimism from Nancy Pelosi that the US fiscal stimulus could be launched before the election," Ariston told VOI .

Positive sentiment also came from data on China's economic growth in the third quarter of 2020, which was better than the previous quarter. For information, China's economic growth managed to reverse direction to the level of 4.9 percent in the third quarter of this year.

"This external sentiment can help strengthen the rupiah today," he explained.

Meanwhile, from within the country, conditions that are still under control after the knock on the hammer on the Job Creation Law can also provide positive sentiment to the market.

"Ripiah has the potential to move in the range of IDR 14,600-14,750 per US dollar," he said.

This morning, several compact Asian currencies strengthened against the US dollar. The South Korean won strengthened 0.45 percent, the Philippine peso 0.13 percent, the Malaysian ringgit 0.13 percent, the Singapore dollar 0.07 percent.

Meanwhile the Hong Kong dollar is stagnant. Meanwhile the Japanese yen weakened 0.02 percent, the Chinese yuan minus 0.01 percent, and the Thai baht minus 0.01 percent.