JAKARTA - The rupiah exchange rate on the spot market opened slightly higher at the start of trading Monday, October 26. At 9:05 am, the rupiah opened up 0.03 percent or 5 points to the level of Rp14,655 per US dollar.
Even though it opened higher, Head of Research at Monex Investindo Futures, Ariston Tjendra, said that today the negative sentiment from the impasse in US stimulus negotiations and the increasing cases of COVID-19 transmission in the world could reduce the movement of the rupiah against the US dollar.
"Market concerns about the possibility of disruption to the economic recovery because the sentiment above could encourage the market to seek safety in the US dollar," Ariston told VOI.
From within the country, he continued, the market is still wary of developments in the rejection of the Ciptaker Law. According to him, the rupiah today has the potential to weaken to a range of IDR 14,600-14,750 per US dollar.
This morning, the majority of other Asian currencies weakened against the US dollar this morning. The Japanese yen led the weakening of Asian currencies against the US dollar by 0.13 percent weakening, followed by the Indian rupee weakening 0.08 percent.
Then, the Malaysian ringgit weakened 0.07 percent, the Taiwan dollar weakened 0.05 percent, the Singapore dollar fell 0.05 percent, the Thai baht fell 0.02 percent and the Chinese yuan weakened 0.009 percent against the US dollar.
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