JAKARTA - The rupiah exchange rate closed lower on Thursday, March 5 trading. The rupiah closed down 0.44 percent to Rp14,275 per US dollar compared to yesterday's closing level of Rp14,113.
Head of Research at Monex Investindo Futures, Ariston Tjendra, said that the weakening of the rupiah was due to the issue of slowing economic growth in Tanah AIr and globally due to COVID-19.
"As stated by the government itself that the Indonesian economy may grow below 5 percent, this is a pressure on the rupiah," Ariston told VOI.
The rupiah weakened along with the majority of other Asian currencies such as the Thai baht which weakened 0.53 percent, the Chinese yuan weakened 0.23 percent, the Singapore dollar weakened 0.14 percent, the Indian rupee weakened 0.12 percent and the Philippine pesso weakened 0.09 percent against US dollar.
Meanwhile, other Asian currencies strengthened against the US dollar. The Korean won led the strengthening of Asian currencies this afternoon with an increase of 0.54 percent.
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