Update COVID-19 in Indonesia: 228,993 confirmed infections, 9,100 deaths (16 September 2020)
18 September 2020 (closed)
USD/IDR (14,768) -110.00 -0.74%
EUR/IDR (17,496) -11.29 -0.06%
Jakarta Composite Index (5,059.22) +20.82 +0.41%
Indonesia's benchmark stock index (IHSG) could not continue its rebound on Wednesday (04/09). Amid mostly falling Asian markets, the IHSG fell 2.17 percent to 4,073.46 points. Asia was on a four-day winning streak but after president Obama received support from the Republican speaker of the House of Representatives, John Boehner, regarding military actions in Syria, global investors shied away from riskier assets. Indonesia and India are currently viewed as weak investment targets due to the countries' current account deficits.
The Indonesian rupiah continued its depreciation against the US dollar. The central bank's mid rate now surpassed the IDR 11,000 per US dollar-mark for the first time since 2009. In the non-deliverable forward (NDF) market the currency dropped to IDR 11,756 per US dollar. Main reason for the continued weakening is the lack of dollar liquidity in the market. Concerns about a military operation in Syria also impact negatively on the rupiah's value. An attack on Syria could give rise to higher oil prices and therefore widen Indonesia's current account deficit.| Source: Bank Indonesia