ID :
28433
Tue, 11/04/2008 - 21:24
Auther :
Shortlink :
https://www.oananews.org//node/28433
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RUPIAH GAINS AGAINST US DOLLAR LATE TUESDAY
Jakarta, Nov. 4 (ANTARA) - The rupiah strengthened against the US dollar in the Jakarta inter-bank spot market on Tuesday afternoon, following intervention in the market by Bank Indonesia (BI, the central bank), which released dollars into the market.
"BI's intervention has helped the rupiah to strenghten to a level below Rp11,000 per US dollar after the currency weakened over the past week," Retail Banking Director of PT Bank Mega Tbk Kostaman Thayib said here on Tuesday.
He said the market pressure decreased after market players restrained themselves and tended to buy the Indonesian currency in the afternoon, and it helped the rupiah to move upward.
"We are optimistic the market will be back on the following day, if such a condition continues," he said.
However, he believed that it would be hard for the rupiah to reach the level of Rp10,000 per US dollar as the global financial turmoil was still going on.
Even the United States, the source of the global crisis, appeared to be falling deeper into an economic recession, he said.
The positive sentiment following the improvement in the October inflation rate, which stood at 0.45 percent from 0.97 percent in the preceding month, proved unable to help the rupiah move upward, he said.
Despite injections of fresh funds by BI, the Indonesian economy would still face hard times, he said.
"BI's intervention has helped the rupiah to strenghten to a level below Rp11,000 per US dollar after the currency weakened over the past week," Retail Banking Director of PT Bank Mega Tbk Kostaman Thayib said here on Tuesday.
He said the market pressure decreased after market players restrained themselves and tended to buy the Indonesian currency in the afternoon, and it helped the rupiah to move upward.
"We are optimistic the market will be back on the following day, if such a condition continues," he said.
However, he believed that it would be hard for the rupiah to reach the level of Rp10,000 per US dollar as the global financial turmoil was still going on.
Even the United States, the source of the global crisis, appeared to be falling deeper into an economic recession, he said.
The positive sentiment following the improvement in the October inflation rate, which stood at 0.45 percent from 0.97 percent in the preceding month, proved unable to help the rupiah move upward, he said.
Despite injections of fresh funds by BI, the Indonesian economy would still face hard times, he said.
