Early May Rupiah Opens Weakened To Rp14,960 Per US Dollar

Illustration. (Photo: Bank Indonesia)

JAKARTA - The rupiah exchange rate on the spot market earlier this week was opened to weaken. On Monday, May 4, the rupiah opened down 78 points to a level of Rp14,960 per US dollar.

Based on VOI's observation, at 09:08 a.m., the rupiah was still moving weaker, almost touching Rp. 15,000, and was at the level of Rp. 14,997 per US dollar. Monex Investindo Futures Head Researcher, Ariston Tjendra said, negative sentiment seemed to overshadow the movement of financial markets today.

"The market is worried that loosening lockdowns in several countries will lead to a second wave of COVID-19 cases," Ariston told VOI.

In addition, he continued, the market was also worried about the tensions between the United States and China recently because US provocations would trigger another trade war between the two countries.

"The market is also anticipating poor economic data in the US and other pandemic countries which will be released this week, such as labor data, service sector activity index data and manufacturing, trade balance, and others," he explained.

He estimates that the rupiah will weaken today following this negative sentiment. "The rupiah has the potential to be depressed to Rp15,000, with potential support at Rp14,800 per US dollar," he said.