Analyst Says 'Biden Effect' will Keep Rupiah Strong in November



Petir Garda Bhwana

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  • TEMPO.CO, Jakarta - TRFX Garuda Berjangka director Ibrahim Assuaibi predicted that the rupiah will have a strong trade rate against the US dollar throughout November 2020. He projected a rate of Rp14,350 per dollar, an impact of Joe Biden's strong hold in the US elections as recent updates show.

    "The Biden effect, and [hopes] that Indonesians would have been vaccinated by December," Ibrahim said on Thursday, November 5.  

    Ibrahim said the market would be in an optimistic spirit if Biden wins the election and how it will affect US international policies.

    "Moderate economic and political policies; which could lead to a stop of the trade war," he said. 

    On Thursday morning, the rupiah climbed by more than one percent. Bisnis cited Bloomberg and reported that the spot rate opened 180-bps up to Rp14,380 per US dollar.

    Also Read: Rupiah Still Undervalued at 14,700 per Dollar, BI Governor Says