ID :
15769
Wed, 08/13/2008 - 15:53
Auther :
Shortlink :
https://www.oananews.org//node/15769
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RUPIAH SLIGHTLY RISES TO RP 9,170/9,175 PER DOLLAR WEDNESDAY MORNING
Jakarta, Aug 13 (ANTARA) - The rupiah in the Jakarta inter-bank spot market this morning rose as market players were still buying the Indonesian unit while a positive sentiment was still supporting the local currency's movements, a financial analyst said here on Wednesday.
The rupiah's position moved up eight points to Rp 9,170/9,175 per US dollar from Rp 9,178/9,190 against the US dollar on the previous day.
Money market analyst Edwin Sinaga said the increase in the rupiah's rate against the US dollar happened mainly because market players were still hunting for the Indonesian currency.
"The rupiah's exchange rate still has a chance to strengthen further after undergoing an incisive price correction," he said.
Previously, the rupiah had strengthened to below Rp 9,100 per US dollar. However, due to the decline in the crude oil price which reached US$ 113,15 per barrel, the market preferred to buy US dollars.
"The rupiah's position is stable. Moreover, Bank Indonesia (the central bank) wants Indonesia's currency to be positioned below Rp 9,200 per US Dollar," he said.
"Therefore, the rupiah's position today is not so bad," he said.
He added this condition showed foreign investors' high trust in Indonesia's economic growth though it had slowed down in the second quarter of this year.
"National economic growth is estimated to only reach six percent compared to 6.3 percent previously," Edwin said, adding that the rupiah still had a chance to rise further later in the day though the market had started to turn their attention to the US dollar after the decline in the world crude oil price.
"However, the market's interest in the US dollar is still restrained as foreign investments are entering the country, especially investments from the Middle East and Australia," he said.
The rupiah's position moved up eight points to Rp 9,170/9,175 per US dollar from Rp 9,178/9,190 against the US dollar on the previous day.
Money market analyst Edwin Sinaga said the increase in the rupiah's rate against the US dollar happened mainly because market players were still hunting for the Indonesian currency.
"The rupiah's exchange rate still has a chance to strengthen further after undergoing an incisive price correction," he said.
Previously, the rupiah had strengthened to below Rp 9,100 per US dollar. However, due to the decline in the crude oil price which reached US$ 113,15 per barrel, the market preferred to buy US dollars.
"The rupiah's position is stable. Moreover, Bank Indonesia (the central bank) wants Indonesia's currency to be positioned below Rp 9,200 per US Dollar," he said.
"Therefore, the rupiah's position today is not so bad," he said.
He added this condition showed foreign investors' high trust in Indonesia's economic growth though it had slowed down in the second quarter of this year.
"National economic growth is estimated to only reach six percent compared to 6.3 percent previously," Edwin said, adding that the rupiah still had a chance to rise further later in the day though the market had started to turn their attention to the US dollar after the decline in the world crude oil price.
"However, the market's interest in the US dollar is still restrained as foreign investments are entering the country, especially investments from the Middle East and Australia," he said.
