JAKARTA - The rupiah exchange rate on the spot market managed to maintain its strengthening until the end of trading today, Monday, November 9. The rupiah closed up 1.02 percent or 145 points to the level of Rp14,065 per United States dollar (US).
The rupiah has become the currency with the biggest strengthening in Asia this afternoon. Monex Investindo Futures Head of Research, Ariston Tjendra said, Joe Biden's victory as the new US President seemed to be greeted positively by the price of risky assets.
According to him, the market expects that Biden's policies will be friendlier to other countries than its predecessors and this could help boost economic growth in emerging market countries.
Until 3:00 p.m. WIB, most currencies in the region are in the green zone. Only the Japanese yen could stand to weaken 0.15 percent against the US dollar.
Meanwhile, the South Korean won was below the rupiah after closing up 0.67 percent. Followed, the Chinese yuan and the Singapore dollar soared, respectively 0.66 percent and 0.46 percent ahead of this afternoon.
Next there is the Malaysian ringgit and Thai baht which have both appreciated 0.41 percent against the US dollar. Furthermore, the Indian rupee also rose 0.25 percent.
Followed by the Philippine peso which rose 0.21 percent and the Taiwan dollar which is seen rising slightly by 0.03 percent. Meanwhile, the Hong Kong dollar remains stable with a slight tendency to strengthen in trading ahead of this afternoon.
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