Concerns Due To Corona, The Rupiah Is Predicted To Move Weaker Monday

Rupiah illustration. (Photo: Bank Indonesia)

JAKARTA - The rupiah exchange rate on the spot market was opened lower at the opening of trading Monday, February 24. The rupiah opened lower by 0.14 percent to Rp13,778 per US dollar compared to last weekend's closing at Rp13,760.

Monex Investindo Futures Head of Research, Ariston Tjendra said, in the past week, market concerns have increased again because the spread of the corona virus has shown an increase in several locations or countries outside the epicenter of the outbreak, China's Hubei province, such as in Korea, Japan, Iran, and others. .

"Many analyzes have also emerged that this coronavirus outbreak will capture global economic growth this year," Ariston told VOI.

He added that this concern has pushed the market into safe haven assets such as gold and US government bonds, so that the price of gold skyrocketed and continued to rise to the area of 1,649 US dollars per troy ounce last Friday.

"This Monday morning it has risen to US $ 1,681 per troy ounce, and the 10-year US government bond yield continues to fall to the 1.47 percent area after previously consolidating around 1.6 percent," he explained.

According to him, this makes the price of risky assets to be further depressed today, including the rupiah. He predicts that today's rupiah will move in the range of IDR 13,760-13,900 per US dollar.