Tuesday Morning Rupiah Slipped 70 Points To Rp14,355 Per US Dollar

Illustrated. (Irfan Meidianto / VOI)

JAKARTA - The rupiah exchange rate on the spot market was opened lower on Tuesday, July 14 trading. The rupiah opened, slipping 70 points or 0.49 percent to Rp14,355 per US dollar.

Head of Research at Monex Investindo Futures, Ariston Tjendra, said that the rupiah may be under pressure today after the US stock index last night and this morning some Asian stock indexes fell due to market concerns about the increase in global COVID-19 cases.

"The weakening is also due to sentiment from the ongoing tensions between the US and China," Ariston told VOI.

Meanwhile, he said, the state of California, the United States, has returned to lockdown due to the increase in the number of COVID-19 transmission. This lockdown could disrupt the US economic recovery.

"Regarding US-China relations, this time the US is questioning China's ownership claims to resources in the South China Sea," he said.

According to him, the rupiah may be under pressure towards resistance at Rp14,550 with support in the range of Rp14,350 per US dollar.

"On the other hand, the market is still considering the potential for global economic recovery in the midst of the pandemic which could provide positive sentiment for risky assets including the rupiah," concluded Ariston.

Moves Varies

This morning, currencies in the Asia Pacific region moved mixed, in which the rupiah led the weakening against the US dollar. Followed by the Japanese yen which weakened 0.09 percent.

The Taiwan dollar is seen weakening 0.04 percent. Meanwhile, the Indian rupee edged down 0.01 percent.

As for the currencies that strengthened against the US dollar, led by the South Korean won which appreciated 0.53 percent. Followed by the Thai baht which strengthened 0.24 percent.

The Chinese yuan and the Philippine peso gained 0.20 percent and 0.19 percent, respectively. Malaysian ringgit seen strengthening 0.15 percent

The Singapore dollar weakened 0.14 percent, and the Hong Kong dollar looked unchanged in front of the US dollar.