Saturday, 28 November 2020 | 00:02 WIB

Rupiah Weakens After Long Weekend Holiday Break

Rupiah Weakens After Long Weekend Holiday Break (special)

JAKARTA, NETRALNEWS.COM - Rupiah exchange rate at the interbank market in Jakarta is closed weaker on Monday afternoon, after a long-weekend holiday break last week.

The Indonesian currency was closed down by 15 points or 0.1 percent to IDR14,640 per US dollar, as compared to IDR14,625 per US dollar in the previous trade closing.

"The rupiah was slightly corrected to the level of IDR14,640 today, and was relatively stable in the range of IDR14,640 to IDR14,695 per US dollar. This is indeed the effect from the long holiday break, and its lag impact affected trading earlier this week," said Bank Mandiri money market analyst Rully Arya Wisnubroto in Jakarta, on Monday (11/02/2020).

Rully said the rupiah's movements were also influenced by the wait and see action of markets ahead of the Presidential Election in the United States, and the publication of the third quarter domestic GDP on Thursday (11/05/2020).

In addition, the rise in positive cases of COVID-19, which has prompted lockdowns in a number of countries, is feared to disrupt economic recovery. Thus,  market traders are looking for safe assets.

This morning, the rupiah opened lower at IDR14,650 per US dollar. During the day, the rupiah moved in the range of IDR14,640  to IDR14,695 per US dollar.

Meanwhile, the middle rate of Bank Indonesia (BI) on Monday showed that the rupiah edged down to IDR14,718 per US dollar, compared to the previous trade closing position of IDR14,690 per US dollar.