Tuesday, 31 March 2020 | 20:48 WIB

Rupiah Edges Down on Monday’s Trade Closing

Rupiah Edges Down on Monday's Trade Closing (netralnews)

JAKARTA, NETRALNEWS.COM - Rupiah exchange rate at the interbank level in Jakarta is closed slightly weakening due to global sentinements. The rupiah was closed edging down on Monday (11/18/2019) evening.

The rupiah dipped by two points or 0.01 percent to IDR14,079 per US dollar, as compared to the previous position of IDR14,077 per dollar.

Ibrahim Assuaibi, President Director of PT Garuda Berjangka, said the markets were looking at whether the United States and China could immediately sign an agreement to end the trade war between the two economic powerhouses.

"Market participants are waiting for new indications about whether the US and China are moving closer to an agreement to end their trade war that has shaken financial markets and is an obstacle to global growth," Ibrahim said.

From other external factors, the markets also continue to monitor developments in Hong Kong, where police trapped hundreds of protesters inside a major university, and closing roads in the area after nearly two consecutive days of fighting which has raised fears of bloody disputes, with both sides refusing to back down.

Domestically, Indonesia's trade balance that unexpectedly posted a surplus in October also affected the movement of the rupiah today.

The markets are also awaiting Bank Indonesia (BI) which will hold a Board of Governors' Meeting on November 20-21, 2019.

The central bank is expected to hold its benchmark interest rate at five percent. So far this year, BI has shed 100 basis points from its interest rate.

In the morning, the rupiah strengthened to IDR14,070 per US dollar. Throughout the day, the rupiah moved in the range of IDR14,070 per dollar to IDR14,082 per dollar.

Meanwhile, Bank Indonesia's middle rate on Monday showed that the rupiah weakened to IDR14,075 per dollar as compared to the previous day at IDR14,069 per dollar.