ID :
28353
Tue, 11/04/2008 - 16:18
Auther :
Shortlink :
https://www.oananews.org//node/28353
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RUPIAH DOWN 200 POINTS EARLY TUESDAY
Jakarta, Nov. 4 (ANTARA) - The rupiah weakened against the US dollar in the Jakarta inter-bank spot market on Tuesday morning and reached the level of Rp11,000 per US dollar as market players bought US dollars.
The rupiah traded at Rp11,000/11,200 per US dollar, down 200 points from Rp10,800/11,100 when it closed a day earlier.
"Market players are still very active in buying US dollars, and therefore the rupiah again declined and reached the level of Rp11,000 per US dollar," Rully Nova, a foreign currency analyst of PT Bank Himpunan Saudara Tbk., said here on Tuesday.
The money market was still dominated by active US dollar purchasing despite a drop in the October inflation rate to 0.45 percent from 0.97 percent in the preceding month, he said.
The positive sentiment following the improvement in the October inflation rate seemed unable to help the rupiah move upward, he said.
The rupiah for a while would still be under pressure despite the efforts of the government and Bank Indonesia (BI) to protect the currency due to the current global financial crisis, he said.
He predicted that the rupiah would continue to be pressured in the afternoon as market players tended to buy US dollars. Demand for US dollars usually increases at the end of the year, he said.
"We think the rupiah will again weaken until it reaches above the level of Rp11,000 per US dollar because market players think it will be better to keep the US dollars," he said.
The U.S. dollar posted broad-based gains against other major currencies Monday, rising both against the British pound and the euro.
The Institute for Supply Management said its factory index fell to 38.9%, the lowest since 1982, from 43.5% in September. Economists surveyed by MarketWatch predicted the index would decline to 41.5%.
The rupiah traded at Rp11,000/11,200 per US dollar, down 200 points from Rp10,800/11,100 when it closed a day earlier.
"Market players are still very active in buying US dollars, and therefore the rupiah again declined and reached the level of Rp11,000 per US dollar," Rully Nova, a foreign currency analyst of PT Bank Himpunan Saudara Tbk., said here on Tuesday.
The money market was still dominated by active US dollar purchasing despite a drop in the October inflation rate to 0.45 percent from 0.97 percent in the preceding month, he said.
The positive sentiment following the improvement in the October inflation rate seemed unable to help the rupiah move upward, he said.
The rupiah for a while would still be under pressure despite the efforts of the government and Bank Indonesia (BI) to protect the currency due to the current global financial crisis, he said.
He predicted that the rupiah would continue to be pressured in the afternoon as market players tended to buy US dollars. Demand for US dollars usually increases at the end of the year, he said.
"We think the rupiah will again weaken until it reaches above the level of Rp11,000 per US dollar because market players think it will be better to keep the US dollars," he said.
The U.S. dollar posted broad-based gains against other major currencies Monday, rising both against the British pound and the euro.
The Institute for Supply Management said its factory index fell to 38.9%, the lowest since 1982, from 43.5% in September. Economists surveyed by MarketWatch predicted the index would decline to 41.5%.
