ID :
35723
Mon, 12/15/2008 - 16:30
Auther :
Shortlink :
https://www.oananews.org//node/35723
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RUPIAH WEAKENS AGAINST US DOLLAR ON MONDAY MORNING
Jakarta, Dec. 15 (ANTARA) - The rupiah weakened against the US dollar in the Jakarta interbank spot market here on Monday morning on a very high demand for US dollars to pay maturing debts.
The rupiah was traded at Rp11,110/Rp11,210 per US dollar, down 110 points from Rp11,000/Rp11,090 at the market's closing last weekend.
PT Financorpindo President Director Edwin Sinaga said here on Monday market players bought US dollars because the US administration's efforts to help its automotive industry was still uncertain.
"The US Senate has not given its approval to the planned bailout package for the automotive industry and this has caused concern that the financial crisis in the US will be a prolonged one," he said.
He said demand for US dollars in the domestic market was high because state companies as well as individuals needed the greenback, among other things to pay maturing debts.
Bank Indonesia (BI, the central bank) should establish cooperation with foreign central banks to inject more US dollars into the domestic market, he said.
Besides, BI must also continue to monitor market activities, especially foreign banks which trade in foreign currencies, he said.
Indonesia should be able to control the rupiah's fluctuations given the country's economic performance which was quite good, although its economic growth was predicted to go down next year, he said.
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The rupiah was traded at Rp11,110/Rp11,210 per US dollar, down 110 points from Rp11,000/Rp11,090 at the market's closing last weekend.
PT Financorpindo President Director Edwin Sinaga said here on Monday market players bought US dollars because the US administration's efforts to help its automotive industry was still uncertain.
"The US Senate has not given its approval to the planned bailout package for the automotive industry and this has caused concern that the financial crisis in the US will be a prolonged one," he said.
He said demand for US dollars in the domestic market was high because state companies as well as individuals needed the greenback, among other things to pay maturing debts.
Bank Indonesia (BI, the central bank) should establish cooperation with foreign central banks to inject more US dollars into the domestic market, he said.
Besides, BI must also continue to monitor market activities, especially foreign banks which trade in foreign currencies, he said.
Indonesia should be able to control the rupiah's fluctuations given the country's economic performance which was quite good, although its economic growth was predicted to go down next year, he said.
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