Friday Morning Rupiah Strengthened 0.15 Percent To Rp13,730 Per US Dollar

Rupiah illustration. (Photo: Bank Indonesia)

JAKARTA - The rupiah exchange rate on the spot market opened higher at the opening of trading on Friday, February 21. The rupiah opened up 0.15 percent to a level of Rp 13,730 per US dollar (US).

Monex Investindo Futures Head of Research, Ariston Tjendra said the market was again worried about the increasing spread of the corona virus in several countries including China outside Hubei province and its negative impact on global economic growth.

"This concern has the potential to put pressure on the rupiah this Friday and may be able to hold the rupiah above 13,700," Ariston told VOI.

The rupiah is the currency with the highest appreciation in the region. The next position, filled by the Singapore dollar, which rose 0.06 percent. Followed by the Japanese yen which slightly strengthened by 0.05 percent against the US dollar

Meanwhile, the majority of currencies in Asia are in the red zone. The Korean won was again the biggest loser after dropping 0.53 percent.

Then there was the Thai baht which fell 0.35 percent. The Taiwan dollar was seen correcting 0.33 percent. Then there was the Malaysian ringgit which fell 0.19 percent.

The Hong Kong dollar and the Philippine peso were both weaker by 0.08 percent. The strengthening of the rupiah was supported by the decision of Bank Indonesia yesterday to cut the benchmark interest rate by 25 bps to 4.75 percent. This policy easing is considered right in the middle of the corona virus outbreak.