TEMPO.CO, Jakarta - The rupiah's interbank exchange rate in Jakarta plunged on Friday noon, March 20. At 11:21, rupiah fell 0.79 percent to trade for Rp16,038 per US dollar .
Monex Investindo Futures chief researcher Ariston Tjendra said the rupiah may experience further correction, even to its deepest fall in 1998 when it traded for Rp16,850 per US dollar.
"There is yet any indication of technical reversal," Ariston said.
In terms of fundamentals, especially from the Covid-19 sentiment, he said there is no significant change yet. The only positive sentiment comes from China's report that there for two consecutive days there have been no new cases in Hubei, the epicenter of the new coronavirus outbreak.
"It gave positive sentiments to the financial markets this morning, especially Asia's stock exchanges in Hong Kong, Shanghai, and Korea," Ariston said.