Friday, 05 March 2021 | 23:06 WIB

Rupiah Weakens to IDR14,020 on Wednesday’s Trade Closing

Rupiah Weakens to IDR14,020 on Wednesday's Trade Closing (illustration: special)

JAKARTA, NETRALNEWS.COM - Rupiah exchange rate at the interbank level in Jakarta on Wednesday afternoon is closed on the decline to surpass the psychological level of IDR14,000 per US Dollar.

The Indonesian Rupiah is closed 90 points lower, or dipping by 0.65 percent to the position of IDR14,020 per US Dollar from the previous day's trade closing of IDR13,930 per US Dollar.

"The dollar rises due to the optimism of global economic recovery from COVID-19, and there is a possibility of speed-up inflation that pushes higher US bond yields," said Ibrahim Assuaibi, Director of  PT TRFX Garuda Berjangka, in Jakarta on Wednesday (02/17/2021).

The rising yields are caused by the inflation concerns amid energy prices rising along with the significant US prospects for fiscal stimulus and global recovery that has entered a more solid stage due to the vaccine launching, thus leading to the economic reopening.

Domestically, Indonesian President Joko Widodo said the COVID-19 vaccination for the public service staff will keep continuing to all provinces in Indonesia. It is expected for the vaccine injection to increase drastically every day.

The government has started the second phase of COVID-19 vaccination. The targets are Indonesian Armed Forces, the National Police, market merchants, service sector workers, athletes, and reporters.

As of Monday (02/15), the number of citizens who have received COVID-19 vaccine reached 1,120,963 people, which increased to 24,868 people in a day. Meanwhile, the total COVID-19 vaccination target in Indonesia is 181.5 million people.

Meanwhile, the rupiah slipped to the position of IDR13,950 per US Dollar this morning. During the day, the Indonesian currency moved in the range of of IDR13,950 to IDR14,025 per US Dollar.

On the other hand, as reported by Antara, the exchange rate of Jakarta Interbank Spot Dollar Rate (JISDOR) from Indonesian Bank on Wednesday showed that Rupiah decreased to the position of IDR14,019 per US Dollar from the previous day's position of IDR13,875 per US Dollar.