The Indonesia Post – The rupiah exchange rate (exchange rate), which was transacted between banks in Jakarta on Wednesday morning, moved stronger ahead of the inauguration of Joe Biden which will be held this Wednesday evening WIB.
At 9:51 WIB, the rupiah strengthened 20 points or 0.14 percent to Rp14,045 per US dollar from the previous closing position of Rp14,065 per US dollar. Head of Research and Education at Monex Investindo Futures in Jakarta, Wednesday, said that today the rupiah still has the possibility to strengthen with sentiment supported by a large US fiscal stimulus from the candidate for US Treasury Secretary, Janet Yellen.
“This great stimulus can help the US economy recover more quickly. This has sparked market interest in risky assets, ”said Ariston.
At a Senate ruling on Tuesday, Yellen urged lawmakers to “go big” on the next coronavirus aid package after President-elect Joe Biden last week outlined a $ 1.9 trillion stimulus proposal as part of a domestic policy agenda. big on government spending.
The plan is expected to provide an important boost to an economy-hit by COVID-19, but investors say massive stimulus could also widen already large deficits and raise bond yields. On the other hand, continued Ariston, the condition of the increase in COVID-19 cases in the country could hold back the rate of strengthening of the rupiah.
The number of positive cases of COVID-19 increased by 10,365 on Tuesday (19/1) yesterday, bringing the total positive cases to 927,380, 753,948 patients recovered, and 26,590 people died.
“Conditions that continue to increase this could trigger tighter policies towards the movement of economic activity,” said Ariston.
Ariston estimates that the rupiah today will move in the range of Rp. 14,000 per US dollar to Rp. 14,100 per US dollar. On Tuesday (19/1), the rupiah closed up 5 points or 0.04 percent to Rp14,065 per US dollar from the previous day’s position of Rp14,070 per US dollar. (icn/bbs)
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