JAKARTA - The rupiah exchange rate on the spot market closed higher on Monday, July 27 trading. The rupiah closed up 0.51 percent or 75 points to the level of Rp14,535 per United States dollar (US).
Head of Research at Monex Investindo Futures Ariston Tjendra said the strengthening of the rupiah was still due to market concerns about the potential for economic recovery to hinder due to the increasing spread of the corona virus or COVID-19.
"The strengthening is also still due to US-China tensions. The US $ 1 trillion additional US fiscal stimulus plan will also help strengthen the rupiah," Ariston told VOI.
This afternoon, until 15.00 WIB, the majority of currencies in the Asia Pacific region seemed to strengthen against the US dollar. The Japanese yen is still the biggest strengthening currency after rising 0.56 percent.
Next there is the South Korean won which has closed up 0.44 percent. Furthermore, the Taiwan dollar rose 0.32 percent and the Malaysian ringgit rose 0.25 percent.
Followed by the Chinese yuan which appreciated 0.24 percent and the Philippine peso which increased 0.19 percent. Then, the Thai baht and Singapore dollar were both seen strengthening 0.14 percent.
Meanwhile, the Indian rupee became the currency with the deepest weakness after falling 0.05 percent. The position of the rupee in the red zone was accompanied by the Hong Kong dollar which also fell 0.004 percent against the US dollar.
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