JAKARTA - The rupiah exchange rate at the close of trading Wednesday, March 4, ended up strengthening. The rupiah ended up sharply strengthening 170 points or 1.19 percent to a level of Rp14,113 per US dollar.
The strengthening of the rupiah was indicated after the US dollar collapsed after the Federal Reserve suddenly cut its benchmark interest rate by 50 bps.
Meanwhile, domestically, the rupiah received positive sentiment from the effect of the stimulus from Bank Indonesia. Sentiment from market players was lifted and returned to high-yielding assets such as the rupiah.
This strengthening of the rupiah also made it the currency with the highest increase in the region. Then there is the South Korean won and Malaysian ringgit which both rose 0.61 percent.
The Chinese yuan was also recorded to have strengthened 0.39 percent. Following, the Philippine peso and Thai baht rose 0.35 percent and 0.24 percent respectively. The Singapore dollar and the Taiwan dollar also appreciated 0.23 percent. The Hong Kong dollar also felt a slight gain of 0.03 percent.
Meanwhile, the Japanese yen was the currency with the deepest weakness after falling 0.25 percent against the US dollar. Its position in the red zone with the Indian rupee also fell 0.15 percent.
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