Thursday Morning Rupiah Strengthens 15 Points To Level Rp14,115 Per US Dollar

Illustrated. (Irfan Meidianto / VOI)

JAKARTA - The rupiah exchange rate on the spot market opened higher on trading Thursday, June 25. The rupiah strengthened 0.11 percent or 15 points to a level of Rp14,115 per United States dollar (US).

Head of Research at Monex Investindo Futures, Ariston Tjendra, said that the rupiah would be under pressure today because negative sentiment from market concerns about the increasing number of COVID-19 cases was again overshadowing market movements.

"It is feared that the increasing number of COVID-19 cases will hamper the economic recovery which is currently ongoing since the re-opening of the economy," Ariston told VOI.

He added that another issue that could suppress risky assets was the plan to impose new import tariffs on European goods by the US which could trigger a new trade war.

"However, market expectations of a potential economic recovery have not disappeared. This sentiment can still support the strengthening of risk assets," he explained.

According to him, today the rupiah may be closed slightly lower with a potential range of IDR 14,050-14,200 per US dollar.

This morning the rupiah strengthened along with the Taiwan dollar which strengthened 0.24 percent, and the Singapore dollar strengthened 0.06 percent.

Meanwhile the majority of currencies in Asia weakened against the US dollar this morning. The downturn was led by the South Korean won, which fell 0.62 percent.

Followed by the Chinese yuan which weakened 0.28 percent, then the Indian rupee fell 0.11 percent. The Philippine peso and Thai baht weakened 0.10 percent and 0.09 percent, respectively.