ID :
31166
Wed, 11/19/2008 - 22:07
Auther :
Shortlink :
https://www.oananews.org//node/31166
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RUPIAH FALLS TO RP12,00 PER US DOLLAR LATE WEDNESDAY
Jakarta, Nov. 19 (ANTARA) - The rupiah finally fell to Rp12,000 per US dollar on Wednesday afternoon after staying at the level of between Rp11,500 and Rp11,900 for a while, following mounting market pressure.
The rupiah in the Jakarta interbank spot market traded at Rp12,000/12,028 per US dollar, down 75 points from Rp11,925/12,100 in the market's closing a day earlier.
Edwin Sinaga, a money market observer, said here on Wednesday that the rupiah was predicted to pass the level of Rp12,000 per US dollar amid speculative buying of the US dollars.
The rupiah plunged following negative sentiments in the money market and the absence of supporting factor which could help the rupiah advance, he said.
The main factor of the market pressure was a high demand of the US dollars in the United States following the suprime mortgage crisis which led to the current global financial crisis, he said.
The rupiah was not the only currency which tumbled, as other Asian countries' currencies also plunged against the US dollars, although the US was in financial crisis, he said.
He said that the global problem should be dealt with jointly by central banks from various countries.
Sinaga predicted that the rupiah would continue under pressure but it would not reach the level of Rp15,000 like what had happened in the 1997 economic crisis.
Early Wednesday, the rupiah strengthened against the US dollar in the Jakarta inter-bank spot market, following profit-taking action by market players.
The rupiah traded at Rp11,900/12,000 per US dollar, up 25 basis points from Rp11,925/12,100 at the market's closing a day earlier.
Meanwhile, negative share movements continued in the Indonesian Stock Exchange (BEI) on Wednesday morning, causing the Composite Stock Price Index (IHSG) to undergo another correction in early trading.
The IHSG tumbled 23.196 points or 1.95 percent to 1,166.666 and the LQ45 index plunged 5.732 points or 2.53 percent to 220.361.
The rupiah in the Jakarta interbank spot market traded at Rp12,000/12,028 per US dollar, down 75 points from Rp11,925/12,100 in the market's closing a day earlier.
Edwin Sinaga, a money market observer, said here on Wednesday that the rupiah was predicted to pass the level of Rp12,000 per US dollar amid speculative buying of the US dollars.
The rupiah plunged following negative sentiments in the money market and the absence of supporting factor which could help the rupiah advance, he said.
The main factor of the market pressure was a high demand of the US dollars in the United States following the suprime mortgage crisis which led to the current global financial crisis, he said.
The rupiah was not the only currency which tumbled, as other Asian countries' currencies also plunged against the US dollars, although the US was in financial crisis, he said.
He said that the global problem should be dealt with jointly by central banks from various countries.
Sinaga predicted that the rupiah would continue under pressure but it would not reach the level of Rp15,000 like what had happened in the 1997 economic crisis.
Early Wednesday, the rupiah strengthened against the US dollar in the Jakarta inter-bank spot market, following profit-taking action by market players.
The rupiah traded at Rp11,900/12,000 per US dollar, up 25 basis points from Rp11,925/12,100 at the market's closing a day earlier.
Meanwhile, negative share movements continued in the Indonesian Stock Exchange (BEI) on Wednesday morning, causing the Composite Stock Price Index (IHSG) to undergo another correction in early trading.
The IHSG tumbled 23.196 points or 1.95 percent to 1,166.666 and the LQ45 index plunged 5.732 points or 2.53 percent to 220.361.
