Jakarta, CNBC Indonesia – The rupiah exchange rate against the US dollar moved higher in spot market trading today. The brighter ‘forecast’ of the International Monetary Fund (IMF) for the world economy has boosted the morale of market players and the courage to enter risky assets in developing countries, including Indonesia.
On Wednesday (7/4/2021), US $ 1 is equivalent to IDR 14,450 when the spot market opens. Rupiah strengthened 0.34% compared to the previous day’s closing position.
Rupiah starts April 2021 pretty well. In the last two trading days, the rupiah has strengthened by 0.07%.
After going through a very tough March 2021, in which the rupiah weakened by 1.89% against the US dollar, now the burden on the country’s currency has begun to lift. The corporate forex need returned to normal after it was so high at the end of the quarter for dividend payments, overdue debt, and so on. Pressure on the rupiah eased so that there was room for appreciation.
From the external side, the rupiah was also helped by good news from the IMF. At the press conference on the sidelines of the Spring Gathering (Spring Meeting), IMF Chief Economist Gita Gopinath said the projected world economic growth this year is 6%. It is an increase compared to the previous estimate of 5.5%. If the world’s Gross Domestic Product (GDP) really did grow by 6%, that would be the best record since 1973.
“Although there is enormous uncertainty due to the corona virus pandemic (Coronavirus Disease-2019/ Covid-19), but the way out of this crisis is increasingly visible, “said Gopinath, as reported by Reuters.
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