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%
The sell-off continued in Asia on Monday (11/01). Asia's stock indices - led by China's Shanghai Composite Index - fell deep into red territory. China's muted inflation in December, today's 5.33 percent plunge of the Shanghai Composite Index, sliding oil prices, and falling stocks on Wall Street last week (US stocks experienced their worst week in four years), made investors in search of safe haven assets such as gold, Japan's yen and the US dollar. Meanwhile, Indonesia's benchmark Jakarta Composite Index fell 1.78 percent to 4,465.48 points.
Risk aversion is still on top of the agenda of global investors despite a recovery in US employment. Last Friday (08/01) it was announced that US nonfarm payrolls increased by 292,000 in December 2015. Emerging market stocks plunged to the lowest in more than six years, dragged down by Chinese shares. Meanwhile, emerging market currencies feel the negative impact of low commodity prices led by the continued slide of the oil price.
As China's economic slowdown dents the outlook for oil demand, Brent crude oil plunged more than 3 percent today to USD $32.51 per barrel.
Bank Indonesia's benchmark rupiah rate (Jakarta Interbank Spot Dollar Rate, abbreviated JISDOR) depreciated 0.44 percent to IDR 13,935 per US dollar on Monday (11/01).
Indonesian Rupiah versus US Dollar (JISDOR):| Source: Bank Indonesia