Update COVID-19 in Indonesia: 24,538 confirmed infections, 1,496 deaths (28 May 2020)
29 May 2020 (closed)
USD/IDR (14,502) -231.01 -1.57%
EUR/IDR (16,128) -204.62 -1.25%
Jakarta Composite Index (4,753.61) +37.43 +0.79%
The Indonesian rupiah, which had been under heavy pressure in March 2020 amid novel coronavirus (COVID-19) panic, rebounded in April 2020 (albeit policymakers emphasize that the Indonesian rupiah remains undervalued at the moment).
The rupiah rate appreciated from the level of IDR 16,367 per US dollar at the end of March 2020 to the level of IDR 15,157 per US dollar at the end of April 2020, hence experiencing a 7.4 percent rebound (after having weakened a whopping 15 percent against the greenback in the preceding month).
Indonesian Rupiah versus US Dollar (JISDOR):| Source: Bank Indonesia
In April 2020 there surfaced various positive news reports related to the COVID-19 crisis. For example, in several European countries the number of new infections and fatalities started to decline, while in China’s Wuhan Province (starting point of the virus) there are now reportedly no COVID-19 patients hospitalized. Moreover, a top US infectious diseases official stated that Gilead Sciences’ experimental antiviral drug – called remdesivir – is to become the standard of care for COVID-19 after early trials showed that it helps patients recover more quickly from the virus.
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