China injects US$174 bln into markets, Rupiah strengthens

China injects US$174 bln into markets, Rupiah strengthens

Photo Illustration: Rupiah bills and U.S. dollar bills. ANTARA/gtm

A drop in interest rates and China's stimulus to the markets pushed the rupiah up on today's trading
Jakarta (ANTARA) - Indonesia’s rupiah closed higher by 27 points or 0.19 percent at Rp13.715 against the United States (U.S.) dollar, Tuesday evening, after China injected US$174 billion liquidity into markets via reverse repo operations, Monday. "A drop in interest rates and China's stimulus to the markets pushed the rupiah up on today's trading," PT TRFX Garuda Berjangka Director Ibrahim Assuaibi said in Jakarta.

Apart from the liquidity support, China's Bank Central also cut its interest rate by 10 basis points to ease the market crash amid the Coronavirus outbreak that has infected more than 20,000 lives.

On Tuesday morning, the rupiah opened lower at Rp13.748 against the dollar in the Jakarta interbank market. According to Bank Indonesia's exchange rate, Tuesday, the rupiah plunged to Rp13.760 against the dollar, while the day before, it was recorded at Rp13.726.

Throughout the day, the rupiah moved between Rp13.702 and Rp13.773 against the dollar. (INE)
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