IDR Report Card: Strong At IDR 14,500 And The Strongest In Asia Pacific

Illustrated. (Irfan Meidianto / VOI)

JAKARTA - The rupiah exchange rate on the spot market was able to maintain its strengthening. The rupiah on July 23 closed at 0.48 percent or 70 points to a level of Rp. 14,580 per US dollar.

With this position, the rupiah is still the currency with the largest strengthening in the Asia Pacific region. The strengthening of the rupiah is believed to be because the market has responded positively to the achievement of an agreement by European Union leaders regarding an economic rescue package to deal with the COVID-19 pandemic.

Meanwhile, the positive sentiment from within the country seems to be caused by the Indonesian government which is working on the development of a vaccine for the COVID-19 virus.

Until 3:00 p.m. WIB, the majority of currencies in the region were in the positive zone even though the strengthening was not significant. The Singapore dollar is just below the rupiah after gaining 0.17 percent.

Followed by the Chinese yuan which strengthened 0.04 percent and the Hong Kong dollar which rose 0.01 percent. Furthermore, there was the Japanese yen which appreciated by 0.009 percent and the Taiwan dollar which strengthened 0.007 percent.

The Indian rupee also complements a stronger currency after edging up 0.005 percent against the US dollar.

Meanwhile, the South Korean won remained the currency with the deepest weakness after falling 0.19 percent against the US dollar. Next there is the Thai baht which corrected 0.11 percent.

Meanwhile, the Malaysian ringgit and the Philippine peso both edged down 0.02 percent in late afternoon trade.