ID :
19694
Tue, 09/16/2008 - 13:49
Auther :
Shortlink :
https://www.oananews.org//node/19694
The shortlink copeid
RUPIAH WEAKENS TO RP9,450 PER US DOLLAR MONDAY MORNING
Jakarta, Sept 15 (ANTARA) - The rupiah on the Jakarta interbank spot market on Monday morning weakened to approach Rp9,450 per US dollar as market players continued to hunt for the greenback following its recovery in the global market.
The local unit was quoted at Rp9,445/9,450 against the US dollar compared to Rp9,415/9,504 at the end of last week, or down by 30 points.
Money market observer Edwin Sinaga said Bank Indonesia (BI) was until Monday unable to take market pressure off the rupiah.
Because the effect of negative factors -- especially global market conditions -- was still strong, BI was moving only when the rupiah was under extreme pressure, he said.
Sinaga said the rupiah was under pressure due to the weakened global economy after the housing sector credit crisis in the US had affected Europe.
The crisis was inducing market players to buy US dollars rather than rupiah even though US economic growth had slowed, he said.
The rupiah was expected to remain depressed at Rp9,450 - Rp9,475 per US dollar because the pressures on it were still strong.
But he was optimistic BI would try to prevent the rupiah from dropping below Ep9,500 per US dollar, he said.
If the rupiah fell to Rp9,500 per US dollar, it would plunge further and could reach the level Rp10,00 at the end of this year, he said.
The local unit was likely to undergo further corrections at the market's close on Monday afternoon due to continuing pressures on it.
The local unit was quoted at Rp9,445/9,450 against the US dollar compared to Rp9,415/9,504 at the end of last week, or down by 30 points.
Money market observer Edwin Sinaga said Bank Indonesia (BI) was until Monday unable to take market pressure off the rupiah.
Because the effect of negative factors -- especially global market conditions -- was still strong, BI was moving only when the rupiah was under extreme pressure, he said.
Sinaga said the rupiah was under pressure due to the weakened global economy after the housing sector credit crisis in the US had affected Europe.
The crisis was inducing market players to buy US dollars rather than rupiah even though US economic growth had slowed, he said.
The rupiah was expected to remain depressed at Rp9,450 - Rp9,475 per US dollar because the pressures on it were still strong.
But he was optimistic BI would try to prevent the rupiah from dropping below Ep9,500 per US dollar, he said.
If the rupiah fell to Rp9,500 per US dollar, it would plunge further and could reach the level Rp10,00 at the end of this year, he said.
The local unit was likely to undergo further corrections at the market's close on Monday afternoon due to continuing pressures on it.
