ID :
47169
Mon, 02/23/2009 - 19:10
Auther :
Shortlink :
https://www.oananews.org//node/47169
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RUPIAH STRENGTHENS TO BELOW RP12,000 PER US DOLLAR LATE FRIDAY
Jakarta, Feb. 23 (ANTARA) - The rupiah strengthened against the US dollar in the Jakarta interbank spot market here late Friday, following a report Indonesia would get additional foreign exchange reserve funds under an agreement reached in the ASEAN+3 (China, Japan and South Korea) Meeting.
The Indonesian currency traded at Rp11,880/11,980 per US dollar, up 80 points from Rp11,960/11,975 per US dollar in the market's close a day earlier.
The provision of additional foreign exchange reserve would strengthen Indonesia's foreign exchange reserves currently amounting to US$51 billion, adequate to finance imports for more than three to five months, Edwin Sinaga, a money market analyst, said here on Friday.
According to the Action Plan to Restore Economic and Financial Stability of the Asian Region agreed by ASEAN+3 finance ministers in their meeting in Phuket, Thailand on Sunday (Feb. 22), 120 billion US dollars, instead of 80 billion US dollars as initially proposed, will be injected into the reserve pool.
As a consequence, market players released their US dollars and bought the local currency, he said.
He hoped that greenback releases would continue until the rupiah would reach RP11,500 per US dollar.
Another positive factor was a report that the Indonesian government planned to issue bonds in Japan, after a Japanese government guarantee that the bonds would get market response, he said.
The report gave a positive sentiment to the rupiah which had slided over the past three weeks.
He believed the Indonesian government would protect its currency by obtaining fresh funds from overseas and improving the country's economic performance in the run up to the upcoming general elections.
"We are sure that the economic growth will get better thanks to the fresh funds collected by the government both from the bound release and the additional foreign exchange provision," he said.
On Friday morning (Feb. 23), the Indonesian currency traded at Rp12,095/12,120 per US dollar, down 75 points from Rp11,960/11,975 at the market's close last weekend.***
The Indonesian currency traded at Rp11,880/11,980 per US dollar, up 80 points from Rp11,960/11,975 per US dollar in the market's close a day earlier.
The provision of additional foreign exchange reserve would strengthen Indonesia's foreign exchange reserves currently amounting to US$51 billion, adequate to finance imports for more than three to five months, Edwin Sinaga, a money market analyst, said here on Friday.
According to the Action Plan to Restore Economic and Financial Stability of the Asian Region agreed by ASEAN+3 finance ministers in their meeting in Phuket, Thailand on Sunday (Feb. 22), 120 billion US dollars, instead of 80 billion US dollars as initially proposed, will be injected into the reserve pool.
As a consequence, market players released their US dollars and bought the local currency, he said.
He hoped that greenback releases would continue until the rupiah would reach RP11,500 per US dollar.
Another positive factor was a report that the Indonesian government planned to issue bonds in Japan, after a Japanese government guarantee that the bonds would get market response, he said.
The report gave a positive sentiment to the rupiah which had slided over the past three weeks.
He believed the Indonesian government would protect its currency by obtaining fresh funds from overseas and improving the country's economic performance in the run up to the upcoming general elections.
"We are sure that the economic growth will get better thanks to the fresh funds collected by the government both from the bound release and the additional foreign exchange provision," he said.
On Friday morning (Feb. 23), the Indonesian currency traded at Rp12,095/12,120 per US dollar, down 75 points from Rp11,960/11,975 at the market's close last weekend.***
