ID :
46510
Thu, 02/19/2009 - 19:38
Auther :
Shortlink :
https://www.oananews.org//node/46510
The shortlink copeid
RUPIAH FALLS PAST RP12,000 PER DOLLAR LATE THURSDAY
Jakarta, Feb 19 (ANTARA) - The rupiah's exchange rate against the dollar fell past Rp12,000 per dollar in the Jakarta interbank spot market late Thursday on high demand for the US greenback.
The rupiah closed at Rp12,060/12,090 per dollar against Rp11,890/11.900 per dollar the day before.
The low supply of dollars to the domestic market was the main factor of the rupiah's depreciation against the US greenback, foreign exchange analyst Rully Nova of PT Bank Himpunan Saudara Tbk said.
"The rupiah is expected to continue to weaken because of pressure from the global economic slowdown," he said.
He said the rupiah would likely move closer to Rp13,000 per dollar later this week if Bank Indonesia (the central bank/BI) did not intervene in the market.
But BI would not keep intervening in the market because it would deplete the country's foreign exchange reserves, he said.
The global pressure on the rupiah was inevitable due to the low supply of dollars following the US decision to issue bonds to raise low-cost funds from the public to boost the economy, he said.
"We are worried if the government does not make a new breakthrough the rupiah will further weaken to a level of Rp13,000 per dollar," he said.
The government must cooperate with banks which hold large stocks of US dollars to deal with the pressure on the rupiah, he said.
The rupiah closed at Rp12,060/12,090 per dollar against Rp11,890/11.900 per dollar the day before.
The low supply of dollars to the domestic market was the main factor of the rupiah's depreciation against the US greenback, foreign exchange analyst Rully Nova of PT Bank Himpunan Saudara Tbk said.
"The rupiah is expected to continue to weaken because of pressure from the global economic slowdown," he said.
He said the rupiah would likely move closer to Rp13,000 per dollar later this week if Bank Indonesia (the central bank/BI) did not intervene in the market.
But BI would not keep intervening in the market because it would deplete the country's foreign exchange reserves, he said.
The global pressure on the rupiah was inevitable due to the low supply of dollars following the US decision to issue bonds to raise low-cost funds from the public to boost the economy, he said.
"We are worried if the government does not make a new breakthrough the rupiah will further weaken to a level of Rp13,000 per dollar," he said.
The government must cooperate with banks which hold large stocks of US dollars to deal with the pressure on the rupiah, he said.
