Corrections in Asian currencies propel rupiah's depreciation on Monday

Corrections in Asian currencies propel rupiah's depreciation on Monday

Photo Illustration: Indonesia's rupiah bills and the United States dollar bills. ANTARA/Shutterstock/pri/gtm

Jakarta (ANTARA) - Indonesia's rupiah opened lower by 128 points, or 0.93 percent, to Rp13,888 against the US dollar on Monday morning in the Jakarta interbank market amid corrections in Asia's currencies.

"All through the day, Indonesia's rupiah may remain weaken owing to external factors," TRFX Garuda Berjangka's director, Ibrahim Assuaibi, forecasted in Jakarta in connection with the coronavirus (COVID-19) outbreak that infected over 25 countries outside mainland China.

He estimated the rupiah to hover in the range of Rp13,689 to Rp13,810 against the dollar.

Meanwhile, Bank Indonesia's mid-rate on Monday showed that the rupiah plunged Rp13,863 against the dollar, while a day before, it was recorded at Rp13,777.

Following the outbreak, finance ministers and central bank governors of G20 countries committed to taking any necessary measures when the disease severely hit the global economy and business.

The International Monetary Fund (IMF), in its presentation recently, forecast the outbreak may cut global economic growth by 0.1 percent.
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