JAKARTA - The rupiah exchange rate on the spot market has closed higher. The rupiah closed up 0.45 percent or 70 points to a level of IDR 15,575 per US dollar.
With this result, the rupiah has become the largest strengthening currency in the region. Even though the majority of currencies in Asia are in the red zone.
Head of Research at Monex Investindo Futures Ariston Tjendra said that the strengthening of the rupiah was supported by data on Indonesia's trade balance surplus for March 2020 which was released today. As is known, the trade balance surplus in March reached 734 million US dollars.
"The rupiah also received positive sentiment from BI's additional stimulus policies which seek to stabilize the Indonesian economy from the negative impact of the COVID-19 outbreak," Ariston told VOI.
Apart from the rupiah, the Taiwan dollar also strengthened after rising 0.04 percent. Meanwhile, the Philippine peso and the Hong Kong dollar both edged up 0.01 percent.
Meanwhile, the Singapore dollar became the region's deepest weaker currency after falling 0.55 percent against the greenback.
Following, the Chinese yuan fell 0.22 percent. Then the Japanese yen and Indian rupee also weakened 0.14 percent and 0.15 percent, respectively.
The Malaysian ringgit was also corrected 0.12 percent. This was followed by the South Korean won and Thai baht which both fell 0.01 percent.
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