Joe Biden wins, rupiah has the opportunity to strengthen again, Monday (9/11)

ILLUSTRATION. Friday (6/11) the rupiah strengthened 1.18% to Rp 14,210 per US dollar.

Reporter: Danielisa Putriadita | Editor: Khomarul Hidayat

KONTAN.CO.ID – JAKARTA. The rupiah exchange rate has the potential to remain in a stronger position after Joe Biden will certainly go to the White House.

Quoting Bloomberg, Friday (6/11) the rupiah strengthened 1.18% to Rp 14,210 per US dollar. The middle rate of Bank Indonesia (BI) also recorded that the rupiah strengthened 0.82% to Rp 14,321 per US dollar.

Bank Central Asia (BCA) economist David Sumual said, Joe Biden’s superiority in the US election made foreign funds flow back into Indonesia, especially in the bond market. This is what makes the rupiah strengthen.

“If there is no other surprise news from the US election, Biden’s victory will stabilize the rupiah,” said David, Friday (6/11).

Also Read: Joe Biden was elected President of the US, the flow of foreign funds will return to Indonesia

Valbury Asia Futures analyst Lukman Leong also said that the certainty of Biden’s victory in the US election tends to continue the strengthening of the rupiah.

Lukman said, the weakening foreign exchange reserves were expected by market players. As a result, at the beginning of the week the movement of the rupiah will tend to be driven by external factors, namely the US election.

Meanwhile, David projects that the strengthening of the rupiah is not projected to be significant like at the end of last week.

David projects that the rupiah on Monday (12/8) will be in the range of Rp. 14,170 per US dollar to Rp. 14,270 per US dollar. Meanwhile, Lukman projected the rupiah at 14,100 per US dollar to Rp 14,300 per US dollar.