Rupiah weakens over fears of COVID-19 outbreak

Rupiah weakens over fears of COVID-19 outbreak

Rupiah weakens as the coronavirus outbreak cast shadow on the market (Ant)

Fears of an economic slowdown due to the coronavirus has put pressure on the prices of risky assets including the rupiah
Jakarta (ANTARA) - The Indonesian rupiah weakened in the Jakarta interbank market Tuesday evening as the market feared the impact of coronavirus (COVID-19) outbreak. Rupiah fell 34 points, or 0.25 percent, to close at Rp13,694 against the United States (U.S.) dollar compared to the previous close of Rp13,660.

"Fears of an economic slowdown due to the coronavirus has put pressure on the prices of risky assets including the rupiah," Chief Researcher of Monex Investindo Futures Ariston Tjendra, said in Jakarta Tuesday.

Not only the rupiah but also the Asian share index such as Nikkei and Hang Seng closed lower. Meanwhile, the European share index such as Germany's DAX also opened lower due to the sentiment.

Rupiah opened at Rp13,655 against the dollar on Tuesday morning. Throughout the day, the Indonesian currency traded between Rp13,655 and Rp13,694.

According to the Bank Indonesia midrate on Tuesday, the rupiah strengthened to Rp13,676 against the dollar compared to the previous close of Rp13,693. 

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