Euphoria Biden Victory Makes Mighty Rupiah To Rp14.170 Per US Dollar, Towards Rp13,000?

Illustrated. (Irfan Meidianto / VOI)

JAKARTA - The rupiah exchange rate on the spot market opened higher in trading earlier this week. The rupiah opened up 0.28 percent or to a level of Rp14,170 per US dollar (US).

Head of Research at Monex Investindo Futures, Ariston Tjendra, said that Biden's victory seemed to have been greeted positively by the price of risky assets in Asia this morning.

"Asian stock indexes appear to be strengthening, the US dollar index looks depressed, exchange rates in emerging market countries appear to be strengthening against the US dollar," Ariston told VOI.

According to him, the market has the expectation that Biden's policies will be friendlier to other countries than its predecessors and this could help boost economic growth in emerging market countries.

"The rupiah still has the potential to strengthen with the potential to reach the area of Rp14,150 per US dollar," said Ariston.

This morning, the majority of currencies in the Asian region were observed to strengthen against the US dollar. The Malaysian ringgit strengthened 0.29 percent, the Thai baht strengthened 0.25 percent.

Then the South Korean won strengthened 0.33 percent, and the Philippine peso strengthened 0.18 percent. Continued the Indian rupee strengthened 0.25 percent, the Japanese yen strengthened 0.03 percent, the Singapore dollar strengthened 0.21 percent, and the Chinese yuan strengthened 0.25 percent.