US Presidential Election Dramas Make Rupiah Strengthen To Approximately Rp.14,400

Illustrated. (Irfan Meidianto / VOI)

JAKARTA - The rupiah exchange rate on the spot market opened in green zina on trading Wednesday, November 4. The rupiah opened up 68 points to a level of Rp14,517 per United States dollar (US).

Head of Research at Monex Investindo Futures, Ariston Tjendra, said the US dollar exchange rate weakened overnight following market sentiment that returned to risky assets.

"Because the market is anticipating a possible victory for Biden in the US presidential election with the latest polls," Ariston told VOI.

Today, said Ariston, the vote count results have started to come in and the market will react to the results. This morning at 07.55 WIB, it was seen that Trump was superior to Biden, which pushed the dollar exchange rate to strengthen again.

"But the calculation map is constantly changing and tight. A strict vote count will encourage the market to be careful and get out of risky assets. And this could weaken the rupiah exchange rate today against the US dollar," he explained.

Ariston estimates that today's rupiah will move in the range of IDR 14,550-14,700 per US dollar.

Until 09.02 WIB, the majority of currencies in the region were moving lower. The Chinese yuan became the currency with the deepest weakness in Asia after falling 0.34 percent.

Followed by the Singapore dollar which collapsed 0.26 percent. Next there is the Malaysian ringgit and Thai baht which both fell 0.15 percent against the US dollar.

Then, the Korean won fell 0.13 percent and the Japanese yen weakened 0.10 percent. Followed by the Taiwan dollar, which edged down 0.02 percent this morning.

Meanwhile, the Philippine peso is one level below the rupiah after having appreciated 0.08 percent. Followed by the Hong Kong dollar which slightly strengthened by 0.005 percent against the US dollar.