JAKARTA - The rupiah exchange rate on the spot market weakened during trading on Tuesday, April 21. At 09:06, the rupiah weakened 87 points or 0.57 percent to Rp15,500 per US dollar.
Head of Research at Monex Investindo Futures, Ariston Tjendra, said that negative sentiment was overshadowing risk asset price movements this morning. Asian stock index looks depressed.
"This is due to the decline in the price of oil, the May contract will expire today. The night fell below zero as many traders refused to accept physical oil shipments due to the absence of empty storage places," Ariston told VOI.
This decline, he said, indicated that the global economy was still depressed due to the COVID-19 outbreak, so that the need for crude oil as an energy source was much reduced.
"Today's rupiah has the potential to move in the range of IDR 15,350-15,550 per US dollar.
This morning, currencies in the Asian region weakened the majority, such as the South Korean won (1.46 percent), the Malaysian ringgit (0.45 percent), the Singapore dollar (0.42 percent), the Thai baht (0.25 percent), and the Chinese yuan (0.22 percent), the Philippine peso (0.19 percent), and the Indian rupee (0.18 percent).
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