Rupiah Is Still On The Verge Of Heading Towards Rp.13,000 Per US Dollar

Illustrated. (Irfan Meidianto / VOI)

JAKARTA - The rupiah exchange rate on the spot market closed the same as yesterday's closing. The rupiah on Thursday, 4 June, remained at the level of Rp14,095 per United States dollar (US).

Head of Research at Monex Investindo Futures, Ariston Tjendra, said that overall, today the rupiah has been weakening since this morning. The rupiah weakened against the US dollar following the movement of other emerging market exchange rates.

"Maybe the market is consolidating after a few days of strength to evaluate the situation," Ariston told VOI.

According to Ariston, this afternoon the issue is still the same. The market is still responding positively to the reopening of the economy in the midst of the COVID-19 outbreak.

"Earlier, DKI Jakarta also announced that it would start a transition period and apply new normalcy, which means that the economy can revive and have the potential to grow again. This is positive for the market, including risky assets," said Ariston.

This afternoon, the majority of currencies in the region are also in the red zone. Where the Singapore dollar and Malaysian ringgit were the currencies with the deepest weakness after both fell 0.33 percent.

Then there is the South Korean won and the Japanese yen which are both weakened 0.18 percent against the US dollar. Then there is the Chinese yuan which is seen depreciating 0.10 percent.

The Thai baht and Taiwan dollar were also in the red zone after weakening 0.08 percent and 0.05 percent, respectively.

Meanwhile, the Philippine peso managed to become the currency with the highest strengthening in Asia after gaining 0.23 percent. Next there is the Indian rupee which has appreciated by 0.003 percent. And finally there is the Hong Kong dollar which edged up 0.01 percent.