Rupiah vs Dollar Update Amidst Covid-19


The rupiah exchange rate traded between banks in Jakarta weakened on Wednesday (11/17/2021). This data shows following the release of US retail sales data last night.

The rupiah weakened by 21 points or 0.15 percent to the position of Rp. 14,241 per US dollar. Compared to the position at the close of the previous trade of Rp. 14,220 per US dollar.

“For yesterday’s trading session, the rupiah weakened slightly, but if seen since Friday the rupiah has relatively strengthened amid the US dollar’s value which has strengthened sharply in recent times,” said Indonesia Commodity and Derivatives Exchange (ICDX) analyst Nikolas Prasetia when contacted in Jakarta, Wednesday.

Looking at this continued Nikolas, the movement of the rupiah was more or less affected by domestic sentiment, which was influenced by good Indonesia’s export data (grew about 9.91 percent.

Rupiah amidst Covid-19

He considered, with the release of the data, it appears that the Indonesian market conditions have improved quite a bit after the COVID-19 attack in the middle of this year.

“Despite good local data, it’s good to be aware of the USD’s performance which is being strong in recent times, especially after the US data released last week,” said Nikolas.

The latest data reported that US retail sales in October grew 1.7 percent. This is higher than September’s growth which was 0.8 percent.

Current Covid-19 cases

From within the country, the daily number of COVID-19 cases on Tuesday (16/11) reached 347 cases, bringing the total number of positive confirmed cases of COVID-19 to 4.25 million cases.

Meanwhile, the number of deaths due to exposure to COVID-19 reached 15 cases with total 143,685 cases. On the other side, the number of recovered cases increased by 515 cases with total 4.1 million cases. Thus, the total active cases of COVID-19 reached 8,339 cases.

For vaccination, the number of people who have been injected with the first dose of vaccine has reached 131.29 million. From that, 85.37 million people have received the second dose of vaccine. The total vaccination target is 208 million people.

Ariston said the rupiah today will move in the range of Rp. 14,180 per US dollar to Rp. 14,250 per US dollar.

On Tuesday (16/11), the rupiah closed down 18 points or 0.13 percent to a position of Rp. 14,220 per US dollar compared to the position at the close of the previous trade of Rp. 14,202 per US dollar.

Source: CNN