Rupiah Gains In Opening Trade

Jakarta, Jan 8 (Antara) - The rupiah value rose against the US dollar in the opening trade on Wednesday. Rupiah traded at the level of 12,2000 per US dollar in inter-bank transaction strengthening from the level of 12,262 earlier. "The domination of the US dollar slightly receded with the slowdown shown by US manufacturing data," chief researcher of Trust Securities, Reza Priyambada said here on Wednesday. However, an increase was recorded in the US factory orders that the sentiment in the foreign exchange market is quite varying, Reza said. "In addition the rupiah moves would also be determined by concern over the Fed`s decision to trim its financial stimulus in the form of quantitative easing (QE) this month," he said. Monex Investindo Futures` analyst Ariston Tjendra said narrowing deficit in the US trade balance and projected growth in its economy in the last quarter of 2013 could block the rupiah rise. "The US trade deficit narrowed in November with the rise in its exports and slowed imports," Ariston said. He said rupiah moves would also be limited ahead of the meeting of the Federal Open Market Commission (FOMC) on Wednesday, adding investors would closely watch how aggressive the Fed would be.