JAKARTA - The rupiah exchange rate managed to strengthen at the close of trading on Tuesday, March 10. The rupiah closed 0.29 percent higher at Rp14,352 per US dollar.
Head of Research at Monex Investindo Futures, Ariston Tjendra, said that the strengthening of the rupiah was due to the stimulus plans of developed countries such as the US, Japan, Italy and Canada to overcome the negative impact of the corona virus or COVID-19 on the economy.
"This prompted the market to reenter riskier assets. Then the yield on US government bonds began to strengthen indicating a shift in assets from safe havens to risk assets," Ariston told VOI.
The strengthening of the rupiah is in line with other currencies in the region. In which, the South Korean won became the currency that experienced the highest strengthening after rising 0.95 percent against the US dollar.
Meanwhile, the Japanese yen became the currency with the deepest weakness after eroding 1.97 percent.
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