Rupiah Strengthens to Rp14,420 per US Dollar This Morning

Money and Currency

The rupiah exchange rate was at Rp14,420 per US dollar in spot market trading, Tuesday (22/6) morning. This position strengthened 0.05 percent from Rp. 14,427 percent on Monday (21/6) afternoon.
In Asia, this morning the rupiah strengthened with the Taiwan dollar 0.18 percent, the Korean won 0.16 percent, the Chinese yuan 0.06 percent, and the Malaysian ringgit strengthened 0.07 percent.

While other currencies weakened, such as the Philippine peso which fell 0.08 percent, the Indian rupee minus 0.33 percent, the Thai bath weakened 0.18 percent, the Japanese yen weakened 0.04 percent, and the Singapore dollar weakened 0.09 percent. Meanwhile, the major currencies of developed countries have varied against the dollar. The British pound was up 0.18 percent and the Australian dollar was up 0.17 percent. In contrast, the Canadian dollar weakened 0.11 percent and the Swiss franc weakened 0.14 percent.

Financial Market Observer Ariston Tjendra said that the rupiah has the potential to weaken against the US dollar even though market sentiment towards risky assets seems to improve this morning, where global stock indexes appear to strengthen.

The stricter PPKM that has been implemented and new cases of COVID-19 which are still on an upward trend in Indonesia have triggered the weakening of the rupiah today,” he said.
On the other hand, this condition will also hamper domestic economic recovery. “Potential for weakening to the range of Rp. 14,480 while potential support is in the range of Rp. 14,400,” he said.