Trump Admits Biden's Victory, Rupiah Strengthens To IDR 14,130 Per US Dollar

Illustrated. (Irfan Meidianto / VOI)

JAKARTA - The rupiah exchange rate on the spot market opened higher in trading at the beginning of the week, Monday, November 16. The rupiah opened up 40 points to a level of Rp14,130 per United States dollar (US).

Head of Research at Monex Investindo Futures, Ariston Tjendra, said positive sentiment seemed to overshadow the movement of risk assets in Asia, including the rupiah exchange rate.

"The positive regimen came from the signing of a multilateral trade agreement between 15 Asia Pacific countries including Indonesia, called RCEP (regional comprehensive economic partnership). One of the benefits is a reduction to the elimination of trade tariffs between countries," Ariston told VOI.

In addition, he continued, positive sentiment also came from the implicit recognition of Joe Biden's victory by Donald Trump, who at least gave hope that US politics would be more stable after the election and the US would immediately focus back on economic matters.

"The rupiah also has the potential to strengthen with the above sentiment," he explained.

Today, said Ariston, there will also be data on Indonesia's trade balance to be released which may give positive sentiment to the rupiah due to the possibility of a surplus.

"Today's rupiah potential moves in the range of IDR 14,050-14,200 per US dollar," he said.