Coronavirus outbreak continues to drive rupiah to plunge

Coronavirus outbreak continues to drive rupiah to plunge

Photo Illustration: A woman showed rupiah bills and US dollar bills. ANTARA/HO/gtm

Jakarta (ANTARA) - Indonesia's rupiah opened lower by 26 points (0.19 percent) to Rp13,898 against the US dollar, Tuesday morning, in the Jakarta interbank market amid fears of coronavirus outbreak that infected over 30 countries outside mainland China.

According to an analyst, Riset Monex Investindo Futures' head of research, Ariston, investors and traders remain concerned over the spread of the virus despite the market witnessing a decline in the selling of high-risk assets.

"The number of people confirmed to have tested positive to the coronavirus infection appears to have increased, and it contributes to the weakening of Indonesia's rupiah," Ariston explained.

He further projected the rupiah to move within the range of Rp13,830 to Rp13,920 against the dollar. In the meantime, Bank Indonesia's mid-rate on Tuesday showed the rupiah had dropped Rp13,893 against the dollar, while the day before, it was recorded at Rp13,863 against the greenback.  

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