JAKARTA - The rupiah exchange rate on the spot market was unable to continue its strengthening trend and ended up weakening at the close of trading Friday, July 24. The rupiah closed down 0.21 percent or 30 points to a level of Rp14,610 per United States dollar (US).
"It seems that the concern is quite high in the financial market," said Monex Investindo Futures Research Head, Ariston Tjendra, to VOI.
He said the market had begun to judge that the heating up US-China relations and the increasing cases of COVID-19 would not only interfere with the US economic recovery, but also globally so that the risk of asset prices was depressed down, including the rupiah.
"There has been a shift to safe assets. You can see that the yield on the 10-year tenor US government bonds has continued to fall over the past week, which shows that interest in safe US dollar assets is increasing," said Ariston.
As of 15.00 WIB, the majority of currencies in the region are in line with the rupiah because it is in the red zone. The Korean won was the currency with the deepest weakness after falling 0.34 percent.
Followed by the Chinese yuan which weakened 0.24 percent and the Indian rupee which eroded 0.16 percent. Next was the Taiwan dollar, which had a correction of 0.13 percent and the Malaysian ringgit, which depreciated 0.10 percent against the US dollar.
Furthermore, the Thai baht and Hong Kong dollar were seen to be slightly weaker, respectively 0.04 percent and 0.006 percent.
Meanwhile, the Japanese yen looks mighty after becoming the biggest strengthening currency in the region. The yen managed to strengthen 0.61 percent against the US dollar.
The Philippine peso is just below the yen, after gaining 0.06 percent. Then there was the Singapore dollar which edged up 0.03 percent this afternoon.
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