Today, Rupiah Is Predicted To Remain Depressed And Potentially Weak Back

Illustration. (Photo: Bank Indonesia)

JAKARTA - The rupiah exchange rate was opened slightly stronger at the opening of trading Tuesday, March 10. The rupiah opened up 3 points or 0.02 percent to a level of Rp14,390 per US dollar.

However, VOI's monitoring at 09.00 saw that the rupiah weakened. During this hour, the rupiah was at the level of Rp14,408, or weakened 0.10 percent.

Head of Research at Monex Investindo Futures, Ariston Tjendra, said that negative sentiment still pressured risk assets, including the rupiah. The Dow Jones stock index yesterday experienced the biggest daily decline in history, more than 2013 points.

"Concern over the spread of the corona virus still dominates the market because it has the potential to slow down global economic growth," Ariston told VOI.

The good news, he said, is that several countries such as Italy, Japan, the US and Canada are preparing to carry out stimulus to sustain their respective economies in the face of the negative impact of COVID-19.

"Today the rupiah still has the potential to be depressed towards the resistance of Rp. 14,500, with support in the range of Rp. 14,260 per US dollar," he said.

Currency movements in the Asian region this morning were mixed. The strengthening occurred in the won, baht, Taiwan dollar, yuan, peso and Singapore dollar. Meanwhile, the yen, ringgit, rupiah and Hong Kong dollar weakened against the US dollar.