Rupiah Weakens Against U.S. Dollar

Jakarta, Jan 22 (Antara) - The rupiah value fell against the US dollar in inter-bank transaction in the opening trade on Wednesday. Rupiah traded at the level of 12,110 weakening from 12,087 per dollar earlier. Chief researcher of Investindo Futures Ariston Tjendra said rupiah movements are still shadowed by the Fed`s plan to trim its financial stimulus. "The market is waiting for the result of the meeting on Jan. 28-29 of the Federal Open Market Committee (FOMC)," Ariston said. He said the revision by the International Monetary Fund (IMF) of its projection of global economic growth from 3.7 percent to 3.8 percent is expected to give positive signal for developing economies. He said report of Chinese bank injecting more fund to improve the liquidity of that country`s financial system and increase in foreign directo investment in Indonesia had prevented rupiah from diving deeper. Financial market observer Rully Nova from Bank Himpunan Saudara said rupiah tended to be stable and the country`s economic fundsmentals are still favorable. Rully said in addition, the country`s foreign exchange reserves are rising giving greater optimism ahead.