Saturday, 28 November 2020 | 00:11 WIB

Rupiah Closes Stronger on Heroes Day

Rupiah Closes Stronger on Heroes Day (special)

JAKARTA, NETRALNEWS.COM - Rupiah exchange rate at the interbank level in Jakarta was closed stronger on Tuesday (1110/2020), in line with expectations on the availability of a COVID-19 vaccine.

The rupiah was closed higher by 7 points or 0.05 percent to IDR14,058 per US dollar, as compared to the previous day's closing position of IDR14,065 per US dollar.

"Externally, the movement of the rupiah was influenced by news that a COVID-19 vaccine could be available in the near future, thereby increasing optimism for global economic recovery." said Director of PT TRFX Garuda Berjangka Ibrahim Assuaibi in Jakarta, on Tuesday (11/10/2020).

US pharmaceutical company Pfizer Inc said on Monday that its vaccine candidate, which is being developed in partnership with Germany's BioNTech, is more than 90 percent effective in preventing COVID-19.

The claim is based on data from the first 94 people infected with the virus in Pfizer's large-scale clinical trial.

The news from Pfizer Inc. comes as the global number of COVID-19 cases surpasses 50.8 million as of 10 November 2020, with more than 10 million cases in the US. The news raises hopes that a cure for COVID-19 will be available soon.

Meanwhile, the transition process from President Donald Trump to his future successor Joe Biden does not seem to go smooth, as Trump has yet to recognize Joe Biden's victory in the presidential election.

Until now, Trump still insists on being reluctant to concede to Joe Biden, which has delayed the transition process. In addition, Trump is also planning demonstrations to increase support for his legal challenges to the results of the presidential election.

Meanwhie, the rupiah opened higher in the morning to IDR14,044 per US dollar. Throughout the day, the rupiah moved in the range of IDR14,008 per US dollar to IDR14,070 per US dollar.

In addition, Bank Indonesia's middle rate on Tuesday showed that the rupiah strengthened to IDR14,015 per US dollar, as compared to the previous day's position of IDR14,172 per US dollar.