BI Cuts Reference Rate, Rupiah Weakens 38 Points To Rp14,625 Per US Dollar

Illustrated. (Irfan Meidianto / VOI)

JAKARTA - The rupiah exchange rate on the spot market ended in the red zone on trading Thursday, July 16. The rupiah closed down 38 points or 0.26 percent to the level of Rp14,625 per US dollar.

Monex Investindo Futures Research Head, Ariston Tjendra said, it seems that negative sentiment cannot be separated from the morning. In the region, the exchange rate has also weakened against the US dollar.

"The rupiah is weakening perhaps because the market has responded negatively to the deteriorating relations between the US and China in the midst of the ongoing pandemic. Singapore's large decline in growth has also provided negative sentiment," Ariston told VOI.

As of 15.00 WIB, the majority of currencies in the region weakened. The Thai baht became the currency with the deepest weakness in Asia after dropping 0.49 percent.

Furthermore, there was the South Korean won which weakened 0.42 percent against the United States dollar (US). Then, the Singapore dollar was eroded 0.22 percent and the Philippine peso was corrected by 0.16 percent.

Followed by the Malaysian ringgit which depreciated 0.15 percent. Then, the Indian rupee was also seen weakening 0.11 percent and the Chinese yuan also fell 0.09 percent. Meanwhile, the Hong Kong dollar is seen edging down 0.009 percent.

Meanwhile, the Taiwan dollar became the biggest strengthening currency in Asia after gaining 0.17 percent. The Japanese yen was also in the green zone to accompany the Taiwan dollar after strengthening 0.009 percent against the US dollar.