JAKARTA - The rupiah exchange rate was opened stronger on the trading weekend, Friday, April 3. The rupiah opened higher by 0.30 percent or 50 points to the level of Rp. 16,445 per US dollar (US).
Head of Research at Monex Investindo Futures, Ariston Tjendra, said that this morning some of the risky assets, namely the Asian stock index, opened higher following the strengthening of the US stock index due to the prospect of an increase in world crude oil prices which could lift big cap stock prices of oil companies.
"But the strengthening due to oil should be temporary because the market is still faced with the reality of an economic slowdown due to the COVID-19 outbreak," Ariston told VOI.
Transmission is still showing an increase in all over the world except China. Many countries have restricted the movement of people which has led to a decline in economic activity.
"The US last night reported that the number of people filing claims for weekly unemployment benefits rose sharply to a record of 6.65 million claims. Whereas the average was only in the range of 250 thousand claims," he explained.
Therefore, according to him, the rupiah could still be depressed today due to COVID-19 and its negative impact on the economy.
"Today's rupiah has the potential to move in the range of Rp. 16,350-16,600 per US dollar," he said.
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