Jakarta, CNBC Indonesia – The rupiah exchange rate strengthened against the United States dollar (US) in mid-trade Monday (16/11/2020), after recording a 6-week straight strengthening. The rupiah is being shaded by positive sentiment, investment flows are rushing into the country, and foreign investors are buying up the rupiah again.
Launching Refinitiv data, the rupiah opened trading at the level of Rp. 14,100 / US $, up 0.35% in the spot market. After that, the rupiah strengthened again to Rp. 14,095 / US $, before being trimmed and at the level of Rp. 14,130 / US $, or strengthening 0.31% at midday.
Rupiah strengthened again one hour before trading ended. At the close, the rupiah was at the level of Rp. 14,100 / US $, strengthening 0.35%.
The majority of major Asian currencies did strengthen against the US dollar today. The strengthening rupiah became the second best performing currency in Asia, only losing to the Chinese yuan which strengthened 0.4% at 15:03 WIB.
Here is the movement of the US dollar against major Asian currencies today.
The rapid flow of investment into the country has been seen since the beginning of this month. Bank Indonesia data shows that in the period 2-5 November 2020, non-resident transactions on the domestic financial market booked a net purchase of IDR 3.81 trillion. The details, net buy on the SBN market amounted to Rp3.87 trillion and a net sale on the stock market amounted to Rp 60 billion.
Meanwhile, data from the Indonesia Stock Exchange shows that two weeks ago, foreign investors made a net buy of Rp 1.2 trillion. Over the past week an even greater amount, Rp 4.45 trillion was entered into the domestic stock market. Only today has there been a net sell of Rp 368 billion in the regular market.
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