The Rupiah Is Predicted To Weak Today

Illustration. (Photo: Bank Indonesia)

JAKARTA - Rupiah on the spot market moved weakening this morning. Based on VOI monitoring, at 09.42 WIB the rupiah was still moving weaker. The rupiah weakened 0.15 percent to a level of Rp13,714 per US dollar.

Head of Research at Monex Investindo Futures, Ariston Tjendra, said fears of an economic slowdown due to the corona virus seem to continue today, and encourage a shift to safe assets.

"The price of gold soared to US $ 1,605 per troy ounce. The rupiah could be under pressure today following this sentiment," Ariston told VOI.

The market, he said, was still following the development of the corona virus. The positive news regarding a reduction in the number of infected persons could encourage risk assets to strengthen again.

"Today's rupiah is predicted to move in the range of Rp.13,680-13,730 per US dollar," he said.

Most of the currencies in Asia are still in the red zone. The Korean won was the currency with the biggest weakness after dropping 0.25 percent.

Following this, the Chinese yuan fell 0.23 percent. The Malaysian ringgit was also corrected 0.19 percent. Followed by the Taiwan dollar and Japanese yen, respectively weakened 0.09 percent and 0.08 percent.

Meanwhile, the Hong Kong dollar also depreciated 0.04 percent. Meanwhile, the Singapore dollar edged down 0.01 percent

On the other hand, the Thai baht was the biggest strengthening currency after gaining 0.11 percent. The Philippine peso accompanied the baht in the green zone after edging up 0.03 percent.