Closed Tuesday Rupiah Gains 50 Points To IDR14,440 Per US Dollar

Illustrated. (Irfan Meidianto / VOI)

JAKARTA - The rupiah exchange rate on the spot market closed higher on trading Tuesday, July 7. The rupiah strengthened 0.35 percent or 50 points to the level of Rp14,440 per US dollar (US).

Head of Research at Monex Investidno Futures, Aristin Tjendra, previously said that the rupiah was overshadowed by positive sentiment, such as market players who were still responding positively to the potential for global economic recovery with the improvement in newly released data.

Last Monday, July 6, several economic data from developed countries showed that economic activity had grown or even started to recover. For example, such as Germany and the Eurozone which reported an increase in retail sales during the month of May, the UK reported an increase in construction activity in June, and the US reported a recovery in service sector activity in June.

In addition, the Bank Indonesia (BI) policy of providing stimulus by purchasing government bonds to help fund the state budget can also provide positive sentiment for the rupiah because this is an effort to help restore the economy amid the pandemic.

This afternoon, currencies in the Asia Pacific region moved mixed in front of the US dollar. The strengthening was led by the rupiah, followed by the Malaysian ringgit which strengthened by 0.06 percent.

The South Korean won was recorded to have slightly strengthened 0.01 percent against the US dollar.

Meanwhile, the weaker currency was led by the Indian rupee which depreciated 0.32 percent. Followed by the Philippine peso and the Japanese yen, which fell 0.31 percent and 0.27 percent, respectively.

Then the Singapore dollar weakened 0.19 percent. The Thai baht and Taiwan dollar weakened 0.13 percent and 0.08 percent, respectively.

The Chinese yuan was recorded to have weakened 0.04 percent. The Hong Kong dollar looks stagnant.