JAKARTA - The rupiah exchange rate on the spot market was observed to strengthen on Tuesday, November 10 morning. At 09.23 WIB, the rupiah was in a position of strengthening 0.40 percent or 56 points to a level of Rp14,009 per United States dollar (US).
Monex Investindo Futures Head Researcher, Ariston Tjendra, said that the rupiah still has the potential to strengthen today following the positive sentiment that occurred in the US stock index overnight and in Asia this morning.
"Positive sentiment, apart from the Joe Biden effect, also comes from a report from Pfizer's vaccine testing which shows 90 percent effectiveness in preventing infection with the COVID-19 virus," Ariston told VOI.
Availability of vaccines, according to him, will quickly stop the COVID-19 pandemic which is the source of the world economic slowdown.
"Indonesia is the target of foreign capital inflows because the rate of return is still higher than others and the socio-political conditions are stable," he said.
This morning, currencies in the Asian region were observed to be mixed in front of the US dollar. The Chinese yuan strengthened 0.15 percent, the Japanese yen strengthened 0.38 percent, the Singapore dollar strengthened 0.10 percent, the Thai bath strengthened 0.43 percent, and the South Korean won strengthened 0.03 percent.
In contrast, the Philippine peso weakened 0.20 percent, the Indian rupee weakened 0.19 percent, the Taiwan dollar weakened 0.18 percent, and the Malaysian ringgit weakened 0.11 percent.
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