Rupiah Still Mighty At Closing Wednesday

Illustrated. (Irfan Meidianto / VOI)

JAKARTA - The rupiah exchange rate on the spot market was closed lower in trading Wednesday, July 22. The rupiah closed up 0.62 percent or 91 points to the level of Rp14,650 per United States dollar (US).

Previously, Monex Investindo Futures Head Researcher Ariston Tjendra said that the strengthening of the rupiah was supported by external sentiment, especially the rescue of the European economy and the discovery of the COVID-19 vaccine.

The EU's 750 billion euro stimulus deal lifted the prices of risky assets including the rupiah and could help the economy recover. The stimulus also provides liquidity in the financial market which encourages market players to invest in riskier assets that offer higher yields.

Until 3:00 p.m. WIB, currencies in the moving regions varied. The South Korean won is just below the rupiah after strengthening 0.22 percent against the US dollar.

Next there was the Taiwan dollar which rose 0.19 percent and the Malaysian ringgit which rose 0.14 percent. Meanwhile, the Philippine peso was seen edging up 0.04 percent this afternoon.

Meanwhile, the Thai baht became the currency with the deepest weakness after falling 0.34 percent. Next there is the Chinese yuan which weakened 0.30 percent and the Singapore dollar which fell 0.17 percent.

Furthermore, the Japanese yen and Indian rupee have both appreciated 0.08 percent against the US dollar. The Hong Kong dollar also complements the currency that is in the red zone after slightly losing 0.005 percent.