Jakarta, CNBC Indonesia – The exchange rate of the rupiah against the United States dollar (US) moves lower in spot market trading today. Understandably, the rupiah has indeed strengthened like crazy, so there will come a time when investors choose to withdraw their profits.
On Wednesday (11/11/2020), US $ 1 was equivalent to IDR 14,040 when the spot market opened. Exactly compared to the previous day’s trade closing position or stagnant.
However, it was not long before the rupiah entered the red lane. At 09:07 WIB, US $ 1 was valued at Rp.14,050, with the rupiah weakening slightly by 0.07%.
Yesterday, the rupiah closed spot market trading with a slight appreciation of 0.07% against the US dollar. The country’s currency managed to strengthen for six consecutive days, the longest chain of strengthening since July 21-29.
Yes, the rupiah is crazy lately. Since the end of October until yesterday (month-to-date), the rupiah has strengthened 4% against the currency of Uncle Sam’s country. The rupiah is legitimately the best currency in Asia.
Therefore, there will definitely come a time when investors feel that they have received large profits from the rupiah. The desire to withdraw the liquid will arise, and when that happens the rupiah will be hit by selling pressure and weaken.
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