Corona virus is transmitted through the air, the Rupiah starts to shake
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10 July 2020

Corona virus is transmitted through the air, the Rupiah starts to shake

Jakarta, CNBC Indonesia - The rupiah exchange rate weakened against the United States dollar (US) until mid-trade Friday (07/10/2020). The rupiah had previously posted a 4-day losing streak and could have been 5 if it had strengthened again today, but that seemed difficult to achieve.

Based on Refinitiv data, the rupiah opened trading with stagnation at Rp 14,325 / US $. But not long ago finally entered the red zone. The depreciation of the rupiah was increasingly swollen, at 12:00 WIB at the level of Rp 14,400 / US $, down 0.52% on the spot market.

It is hard for the Rupiah to strengthen due to worsening sentiment from market participants. The reason, the World Health Organization (World Health Organization / WHO) said the corona virus can spread through the air, meaning that the risk of increasing infection is greater.

WHO initially emphasized that Covid-19 is transmitted through saliva, secretions and drops from sufferers through coughing, sneezing or talking or contaminated surfaces. So keep your distance and hand washing more emphasized.

Last Tuesday, WHO acknowledged there was evidence of airborne transmission, in a room with poor ventilation. But emphasized there needs to be more research.

In its latest transmission guide, WHO agrees that several reports relating to crowded conditions in the room allow for transmission. For example in a room where choir practice is done, in a restaurant or in a fitness class.

Meanwhile, from within the country, cases of corona virus disease (Covid-19) again set a record.

Special Government Spokesperson Covid-19, Achmad Yurianto,

so that the total positive of Covid-19 reached 70,736 people. This is a new record for adding the most cases in one day.

The addition of Covid-19 cases in Indonesia is still in an upward trend which makes market players start to be careful, because it can disrupt economic recovery. Especially if until the Large-Scale Social Restrictions (PSBB) are re-applied, surely the Indonesian economy will be hit again, the "ghost" of the recession is even more haunting, the rupiah is sluggish.

Before weakening today, the rupiah gained strength to strengthen since the beginning of the week after Bank Indonesia (BI) Governor Perry Warjiyo on Monday afternoon dampened expectations of rising inflation due to the plan to buy government bonds with zero coupons in the "burden sharing" scheme to tackle the corona virus and revive again economy.
Read: Gona Corona Virus Hovers in the Air, Yen Becomes an Asian Champion

Perry when holding a press conference with Minister of Finance Sri Mulyani Indrawati said that he had calculated the policy and the result was that the impact on inflation was not expected to be large.

High inflation makes the real investment return in the country decrease, so it is not attractive for foreign investors.

In addition, BI reported on Tuesday morning foreign exchange reserves in June of US $ 131.7 billion, up US $ 1.2 billion at the end of May.

The increase in foreign exchange reserves would certainly make BI ammunition to stabilize the rupiah if the turmoil becomes greater. So that investors are more comfortable flowing capital into the country.

However, the corona virus that "can fly" puts the rupiah at risk of noting the perfect week.

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