Rupiah At The Beginning Of The Week Is Still At The Level Of Around Rp. 13,000

Illustrated. (Irfan Meidianto / VOI)

JAKARTA - The rupiah exchange rate is still able to survive at the level of around IDR 13,000. On Monday, June 8, the rupiah opened up by a thin 5 points at Rp13,873 per US dollar (US).

Head of Research at Monex Investindo Futures, Ariston Tjendra, said that today it is possible that positive sentiment will still encourage the strengthening of risky assets, including the rupiah.

"The US employment data, Non-Farm Payrolls (NFP) and the unemployment rate for May, which was released late Friday, which was unexpectedly better than projected, became the new trigger for the purchase of risky assets," Ariston told VOI.

NFP data for May showed an increase in the number of people employed outside the agricultural and government sectors by 2.5 million, whereas previously analysts had estimated a reduction of 7.7 million.

"The unemployment rate also fell to 13.3 percent, from the previous 14.7 percent. The better US employment data is due to US policies that have started to open up the economy despite the plague still being hit," he explained.

Furthermore, Ariston said, the market still has positive expectations of efforts to open up the economy in other pandemic countries. On the other hand, there has not been any escalation of tensions between the US and China which has the potential to also help positive sentiment today.

"The rupiah may still have the potential to strengthen today with this positive sentiment. The potential to reach the support level at Rp13,700. With potential resistance in the range of 14,000 per US dollar," he said.

This morning until 09:00 WIB, currency movements in the Asian region also tend to vary. The South Korean won took the lead after gaining 0.29 percent against the US dollar. Next there is the Japanese yen which also rose 0.11 percent.

Then there was the Taiwan dollar and the Singapore dollar which also appreciated 0.06 percent and 0.01 percent, respectively. Meanwhile, the Philippine peso was the currency with the deepest weakness after falling 0.15 percent.

Next there was the Chinese yuan and Thai baht which weakened slightly, respectively 0.02 percent and 0.01 percent. There was also a slight correction in the Hong Kong dollar, which fell 0.001 percent against the US dollar.