JAKARTA - The rupiah exchange rate on the spot market opened higher in trading at the beginning of the week, Monday, July 13. The rupiah opened up 65 points or 0.45 percent to a level of Rp. 14,370 per US dollar (US).
Head of Research at Monex Investindo Futures, Ariston Tjendra, said that this morning's opening of risky assets was seen to have strengthened with the increase in Asian stock indices following the positive sentiment of strengthening US and European stock indices last weekend.
"This is because of the potential for economic recovery amid the COVID-19 pandemic," Ariston told VOI.
The rupiah may also strengthen today following this positive sentiment, with potential strengthening towards Rp14,350 and potential resistance at Rp14,500 per US dollar.
On the other hand, the market is still paying attention to the development of the continuously escalating COVID-19 transmission which is feared to slow down the economic recovery.
"Last week, WHO reported the highest increase in global transmission in 24 hours of more than 230 thousand. The issue of COVID-19 transmission could put pressure back on risky assets, including the rupiah," he explained.
Majority StrengthenThis morning, currencies in the Asian region moved higher against the US dollar, led by the rupiah. Followed by the South Korean won which strengthened 0.37 percent.
Then the Taiwan dollar is seen strengthening 0.35 percent. The Malaysian ringgit and Thai baht gained 0.19 percent and 0.17 percent, respectively.
The Hong Kong dollar, the Philippine peso and the Japanese yen gained 0.14, 0.13 and 0.11 percent, respectively.
Meanwhile, the weakening currencies, namely the Indian rupee, which weakened 0.28 percent, and the Chinese yuan, which weakened 0.05 percent.
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