On Wednesday, Rupiah Strengthened To Rp. 15,355 Per US Dollar

Illustration. (Photo: Bank Indonesia)

JAKARTA - The rupiah exchange rate on the spot market opened stronger on Wednesday, April 29 trading. The rupiah opened up 90 points to a level of Rp15,355 per US dollar.

Based on VOI's observation, at 9:16 a.m., the rupiah was still strengthening at Rp15,382 per US dollar, compared to Tuesday's closing at Rp15,445 per US dollar.

Monex Investindo Futures Research Head, Ariston Tjendra said, positive sentiment seemed to overshadow the movement of risk assets this morning.

"The plan to ease lockdowns in several pandemic countries such as Italy, Spain, France, NZ, Aussie, Canada and the US, triggered this positive sentiment. WTI crude oil prices also strengthened due to this issue," Ariston told VOI.

The market is also anticipating the results of the Fed's meeting which will be released at 1am. The Fed is likely to issue dovish statements, or still support monetary easing policies to help recover the economy hit by the outbreak.

"The Fed also may not change its benchmark interest rate because the stimulus policy is quite large. Since March, the Fed is estimated to have issued a stimulus of 2 trillion US dollars for bond purchases and other policies," he explained.

He estimated that the rupiah might strengthen today with a potential in the range of IDR 15,350 with potential resistance in the range of IDR 15,500 per US dollar.

This morning, the rupiah strengthened along with the majority of other Asian currencies. The South Korean won strengthened 0.55 percent, the Japanese yen strengthened 0.29 percent, the Thai baht strengthened 0.23 percent, the Taiwan dollar strengthened 0.19 percent, the Singapore dollar strengthened 0.14 percent, the Philippine peso strengthened 0.09 percent, the rupee India strengthened 0.07 percent, Malaysian ringgit strengthened 0.01 percent.

Meanwhile, the Hong Kong dollar and Chinese yuan weakened against the US dollar by 0.005 percent and 0.008 percent respectively.