JAKARTA - The movement of the rupiah exchange rate today, Monday, March 30, is estimated to be depressed. Monex Investindo Futures Research Head estimates that today's rupiah will be in the range of IDR 16,100 to IDR 16,300 per United States dollar (US).
"The risk asset market, including the rupiah, may be under pressure on Monday because the market is again worried about the spread of the corona outbreak or COVID-19, which has already had a negative impact on the economy, as stated by the IMF that the corona outbreak has caused the global economic and financial crisis," he explained to VOI.
He said, the lockdown due to the epidemic had reduced economic activity and led to a slowdown in economic growth in several countries.
Economic data released last week for countries affected by the outbreak, such as the US, Europe and the UK, showed a deep weakness.
"For example, US labor data shows the number of unemployed people has increased by more than 10 times. Data on manufacturing activity and the service sector have also experienced a significant decline," he said.
According to Ariston, sentiment against the weakening of the rupiah might come from the signing of the US jumbo stimulus law, which spent up to 2 trillion US dollars to reduce the negative impact of the outbreak on the US economy.
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