ID :
26051
Wed, 10/22/2008 - 17:57
Auther :
Shortlink :
https://www.oananews.org//node/26051
The shortlink copeid
RUPIAH TUMBLES TO NEARLY RP9,900 PER US DOLLAR ON WEDNESDAY MORNING
Jakarta, Oct. 22 (ANTARA) - The rupiah tumbled to nearly Rp9,900 per US dollar in the Jakarta interbank spot market on Wednesday morning as market players again bought dollars out of concern over the sluggish global economic conditions.
The rupiah traded at Rp9,875/9,880 per US dollar, down 71 points from Rp9,804/10.016 per US dollar the day before.
President director of PT Finan Corpindo Edwin Sinaga said here on Wednesday that the pressure on the rupiah was estimated not to last long, following a joint move by the US central bank, The Fed, the British central bank other European countries' central banks to inject fresh funds into the money market for liquidity in the global market.
The rupiah plunged due mostly to psychological factors, he said.
However, he added, if the dollar liquidity in the global market could have a positive impact on the rupiah, the Indonesian currency might strengthen to reach a level of nearly Rp9,500 per US dollar.
"We are optimistic the chance of the rupiah to strengthen is quite big, despite the global financial crisis which might hold the rupiah from moving up.
But, if the liquidity injection failed to affect the rupiah positively, the local unit could fall to Rp10,000 per US dollar, he said.
The government had changed the assumed rupiah exchange rate of Rp9,150 per US dollar to Rp9,500 per US dollar in 2009 to adjust to the world's sluggish economic growth.
The rupiah traded at Rp9,875/9,880 per US dollar, down 71 points from Rp9,804/10.016 per US dollar the day before.
President director of PT Finan Corpindo Edwin Sinaga said here on Wednesday that the pressure on the rupiah was estimated not to last long, following a joint move by the US central bank, The Fed, the British central bank other European countries' central banks to inject fresh funds into the money market for liquidity in the global market.
The rupiah plunged due mostly to psychological factors, he said.
However, he added, if the dollar liquidity in the global market could have a positive impact on the rupiah, the Indonesian currency might strengthen to reach a level of nearly Rp9,500 per US dollar.
"We are optimistic the chance of the rupiah to strengthen is quite big, despite the global financial crisis which might hold the rupiah from moving up.
But, if the liquidity injection failed to affect the rupiah positively, the local unit could fall to Rp10,000 per US dollar, he said.
The government had changed the assumed rupiah exchange rate of Rp9,150 per US dollar to Rp9,500 per US dollar in 2009 to adjust to the world's sluggish economic growth.
