ID :
35939
Tue, 12/16/2008 - 17:12
Auther :
Shortlink :
https://www.oananews.org//node/35939
The shortlink copeid
RUPIAH SLIGHTLY DOWN ON TUESDAY MORNING
Jakarta, Dec. 16 (ANTARA) - The exchange rate of the rupiah was down slightly against the US dollar in the Jakarta interbank spot market on Tuesday as the greenback was in high demand in the runup of the year-end season.
The rupiah was traded at Rp11,045/11,100 per US dollar, down 20 points from Rp11,025/11,085 per US dollar at the market's closing on Monday.
Retail banking director of PT Bank Mega Tbk. Kostaman Thayib said here on Tuesday the rupiah was under pressure due to external factors, mainly the US Senate's rejection of the US administration's proposal to bail out the country's troubled automotive industry, he said.
"We are optimistic that if the US government again channels bailout funds, the global market's liquidity situation will improve," he said.
In the domestic market, the government tried to protect the rupiah's stability by seeking funds from overseas financial institutions such as the World Bank, the Asian Development Bank (ADB), and a French bank, to prevent the local currency from plunging to the level of Rp12,000 per US dollar.
The government has also cut premium gasoline and diesel oil prices by Rp500 per liter to provide an incentive for national economic growth, according to Thayib.
However, the government's efforts were hampered by market players' high demand for US dollars, he said.
The domestic currency was expected to strengthen again early January after corporate and individuals' demand for US dollars decreases, he said.
The addition of two billion US dollars to Bank Indonesia (BI)'s foreign exchange reserves had helped strengthen the rupiah, Thayib said.
The government should also improve regulations to entice foreign investors to reenter the domestic market and put their funds both in State Debentures (SUN) and bonds. "We are optimistic that Indonesia is still an attractive market to foreign investors," he said.
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The rupiah was traded at Rp11,045/11,100 per US dollar, down 20 points from Rp11,025/11,085 per US dollar at the market's closing on Monday.
Retail banking director of PT Bank Mega Tbk. Kostaman Thayib said here on Tuesday the rupiah was under pressure due to external factors, mainly the US Senate's rejection of the US administration's proposal to bail out the country's troubled automotive industry, he said.
"We are optimistic that if the US government again channels bailout funds, the global market's liquidity situation will improve," he said.
In the domestic market, the government tried to protect the rupiah's stability by seeking funds from overseas financial institutions such as the World Bank, the Asian Development Bank (ADB), and a French bank, to prevent the local currency from plunging to the level of Rp12,000 per US dollar.
The government has also cut premium gasoline and diesel oil prices by Rp500 per liter to provide an incentive for national economic growth, according to Thayib.
However, the government's efforts were hampered by market players' high demand for US dollars, he said.
The domestic currency was expected to strengthen again early January after corporate and individuals' demand for US dollars decreases, he said.
The addition of two billion US dollars to Bank Indonesia (BI)'s foreign exchange reserves had helped strengthen the rupiah, Thayib said.
The government should also improve regulations to entice foreign investors to reenter the domestic market and put their funds both in State Debentures (SUN) and bonds. "We are optimistic that Indonesia is still an attractive market to foreign investors," he said.
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