In The Midst Of A Demonstration Of The Job Creation Law, The Rupiah On Tuesday Strengthened To Rp14,673 Per US Dollar

Illustration. (Irfan Meidianto / VOI)

JAKARTA - The rupiah exchange rate on the spot market opened higher on trading Tuesday, October 20. The rupiah opened up 35 points to a level of Rp14,673 per United States dollar (US).

Head of Research at Monex Investindo Futures, Ariston Tjendra, said the uncertainty of US stimulus was still overshadowing the movement of risk assets this morning.

"Despite the progress of the talks, the market seems unwilling to rush into riskier assets," Ariston told VOI .

This fiscal stimulus could help the US economy recover amid the pandemic and provide positive sentiment to risk assets.

"The stimulus talks between Democrats and Republicans will continue today, pursuing a deadline for release before the US election, November 3," he explained.

From within the country, the market will probably be watching the demonstration that will take place today. According to him, the rupiah may flatten and tend to weaken, with potential in the range of Rp14,650-14,750.

Until 09.00 WIB, currency movements in Asia tended to be mixed. The Taiwan dollar became the region's biggest strengthening currency after gaining 0.27 percent.

Followed by the South Korean won which strengthened 0.14 percent against the US dollar. Next was the Philippine peso which lifted 0.08 percent and the Hong Kong dollar which edged up 0.001 percent in this morning's trade.

Meanwhile, the Thai baht became the currency with the deepest weakness in Asia after dropping 0.16 percent. Then there were the Japanese yen and Malaysian ringgit which weakened, respectively 0.15 percent and 0.14 percent against the US dollar.

Furthermore, the Chinese yuan is seen with a 0.09 percent correction. Followed by the Singapore dollar which slightly weakened 0.02 percent this morning.