Jakarta, CNBC Indonesia – The rupiah exchange rate against the United States (US) dollar strengthened in the middle rate of Bank Indonesia (BI). The rupiah, which had weakened for a while, is now strengthening in trade spot market.
On Monday (19/10/2020), the BI middle rate or the reference rate for the Jakarta Interbank Spot Dollar Rate / Jisdor was at IDR 14,741. Rupiah strengthened 0.17% compared to last weekend’s position.
On the spot market, the rupiah is green too. At 10:00 WIB, US $ 1 was priced at Rp. 14.60 where the rupiah strengthened 0.14%.
Previously, the rupiah had weakened and the US dollar was close to Rp 14,700. But it didn’t take long, because there was the release of the latest economic data that made the rupiah stronger.
The National Bureau of Statistics of China announced that the third quarter of 2020 economic growth figure is 4.9% on an annual basis (year-on-year/ YoY). It is below the market’s expectation of 5.2%, but 4.9% is an extraordinary number in the midst of a sea of recession sweeping many countries.
China’s economy has also returned positive. Contraction (negative growth) of 6.8% in the first quarter was paid off with growth in the third and third quarters of 3.2% and 4.9%, respectively.
Slowly but surely, China is also starting to reach the level of economic growth before the corona virus pandemic (Coronavirus Disease-2019/ Covid-19) which is in the range of 6%. In fact, next year China’s economic growth is estimated to be getting ‘crazy’.
The International Monetary Fund (IMF) estimates China’s GDP in 2021 will grow 8.2%. Meanwhile, the projection from the Asian Development Bank (ADB) is at 7.7%, the World Bank at 7.9%, and the Organization for Economic Cooperation and Development (OECD) at 8%.
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