Rupiah Will Be Pressured By Demonstrations, Potential To Move In The Range Of IDR 14,600-14,750 Per US Dollar

Illustrated. (Irfan Meidianto / VOI)

JAKARTA - The rupiah exchange rate against US dollars on the spot market was opened higher on trading Thursday, October 22. The rupiah opened up 16 points or 0.11 percent to a level of Rp. 14,618 per US dollar (US).

Head of Research at Monex Investindo Futures, Ariston Tjendra, sees that the strengthening of the rupiah exchange rate has the potential to be stalled today because domestic market players are starting to be aware of the demonstration against the Omnibus Law on Cipta Kerja (Ciptaker Law) again.

"The market is still wary of today's labor demonstrations, with a potential range of Rp. 14,600 to Rp. 14,750 per US dollar," said Ariston VOI.

In addition, he said, the rupiah was also overshadowed by the continuation of talks on the second economic stimulus package from the US. The latest news is that the US House of Representatives believes the stimulus can be provided before the general election in Uncle Sam's country.

"The longer the stimulus is issued, the more depressed the US economic recovery will be. Market concerns will push the US dollar to strengthen again," he explained.

The rupiah strengthened along with the Philippine peso 0.01 percent. Meanwhile the Hong Kong dollar is stagnant.

Meanwhile, the majority of Asian currencies weakened from the US dollar. The Korean won lost 0.12 percent, the Malaysian ringgit was minus 0.12 percent, the Thai baht was minus 0.12 percent, the Japanese yen was minus 0.1 percent, the Chinese yuan was minus 0.09 percent, and the Singapore dollar was minus 0.04 percent.