Update COVID-19 in Indonesia: 59,394 confirmed infections, 2,987 deaths (2 July 2020)
2 July 2020 (closed)
USD/IDR (14,566) +50.00 +0.34%
EUR/IDR (16,379) +36.63 +0.22%
Jakarta Composite Index (4,966.78) +52.39 +1.07%
Both the Indonesian rupiah exchange rate and Indonesian stocks posted a good performance on Monday (21/07). Main reason for this positive performance is increased speculation that presidential hopeful Joko Widodo has won the election. Based on information originating from the General Elections Commission (KPU), Widodo has won the election by a safe margin of five percentage points. On Tuesday 22 July 2014, the KPU will officially release the result. However, rival Prabowo Subianto will probably challenge the result.
According to the Bloomberg Dollar Index, the rupiah appreciated 0.37 percent to IDR 11,572 per US dollar on Monday, meanwhile the benchmark stock index gained 0.79 percent to 5,127.12 points, the highest level in more than a year. Shares in the Indonesian property sector gained most (+2.53 percent), presumably because Widodo (popularly known as Jokowi) is expected to allow foreigners to buy luxury apartments in the bigger cities of Indonesia.
Bank Indonesia's benchmark rupiah rate (Jakarta Interbank Spot Dollar Rate, abbreviated JISDOR) appreciated 1.10 percent to IDR 11,577 per US dollar on Monday (21/07).
Indonesian Rupiah versus US Dollar (JISDOR):| Source: Bank Indonesia
Most emerging market and European stocks declined and Russian equities fell for the sixth day in a row as tensions have risen due to the downing of a Malaysia Airlines passenger jet in eastern Ukraine, presumably by pro-Russia separatists (and possibly supported by Russian weaponry). On Tuesday (22/07), European Union foreign ministers will meet in Brussels to discuss whether or not to implement tougher sanctions on Russian individuals and companies in an attempt to pressure Russian president Vladimir Putin to increase efforts to end the violence in the Ukrainian-Russian conflict. Meanwhile, commodities dropped to the lowest since February 2014.