Update COVID-19 in Indonesia: 29,521 confirmed infections, 1,770 deaths (5 June 2020)
05 June 2020 (closed)
USD/IDR (14,100) -65.01 -0.46%
EUR/IDR (15,970) +78.64 +0.49%
Jakarta Composite Index (4,947.78) +31.08 +0.63%
The Indonesian rupiah exchange rate appreciated against the US dollar on Thursday (08/01) amid mostly strengthening Asian equity and currency markets as a number of positive market sentiments arose (specifically the release of the Federal Reserve’s December minutes). According to the Bloomberg Dollar Index, Indonesia’s rupiah appreciated 0.48 percent to IDR 12,674 per US dollar. Meanwhile, Indonesia’s benchmark Jakarta Composite (stock) Index was up 0.25 percent (5,221.89 points) at the end of today’s trading day.
Asian markets were mostly up as fears about falling oil prices and the exit of Greece from the Eurozone somewhat eased. Moreover, stock indices on Wall Street rebounded on Wednesday after a five-session dive providing positive market sentiments in Asia. Lastly and most importantly, minutes of the December Federal Reserve meeting did not cause a shock but fueled persistent expectation that the US central bank will probably start raising interest rates off near-zero levels by mid-2015. The Fed said that US inflation need not to increase to allow for an interest rate hike.
Concerns about Greece slightly eased as Germany left open an opportunity to discuss options with Greece's next government on its debt. Later this month, the debt-ridden country will hold elections that could see a victory for a party opposed to austerity measures required under the international bailout scheme. Other fears concern the 0.2 percent deflation in the Eurozone in December 2014. This increases speculation that the European Central Bank will soon start its quantitative easing program. As a consequence the Euro dropped to its lowest level since January 2006 in Asia.
Bank Indonesia's benchmark rupiah rate (Jakarta Interbank Spot Dollar Rate, abbreviated JISDOR) appreciated 0.01 percent to IDR 12,731 per US dollar on Thursday (08/01).
Indonesian Rupiah versus US Dollar (JISDOR):| Source: Bank Indonesia