ID :
51334
Thu, 03/19/2009 - 12:57
Auther :
Shortlink :
https://www.oananews.org//node/51334
The shortlink copeid
RUPIAH STRENGTHENS TO RP11,900 PER US DOLLAR EARLY THURSDAY
Jakarta, March 19 (ANTARA) - The rupiah gained significantly in the Jakarta interbank spot market early Thursday after the US Federal Reserve (the Fed) bought treasury bonds worth US$300 billion causing the US market to be flooded with the greenback.
The rupiah traded at Rp11,900/11,950, up 65 points from
Rp11,965/11,975 per US dollar at the market's close a day earlier.
Rully Nova, a foreign currency analyst of PT Bank Himpunan Saudara Tbk., said the local currency should have been below Rp11,500 per US dollar but the domestic money market was different from other countries' money markets.
The Fed's bond purchases had created pressure on the US dollar, he said.
"We are optimistic that the rupiah will move up again in the afternoon, although the increase might be less than that in the morning session," he said.
The Fed would further buy treasury bonds amounting to US$830 billion to increase the market's liquidity, he said.
He said that the rupiah's gain might not last long because demand for the greenback could grow again as companies such as state electricity company PT PLN and state oil and gas company Pertamina would need US dollars to pay matured debts, he said.
However, he said the rupiah's position was quite safe as Bank Indonesia (BI) had committed to guarding the Indonesian currency to remain under Rp12,000 per US dollar, he said.
The rupiah traded at Rp11,900/11,950, up 65 points from
Rp11,965/11,975 per US dollar at the market's close a day earlier.
Rully Nova, a foreign currency analyst of PT Bank Himpunan Saudara Tbk., said the local currency should have been below Rp11,500 per US dollar but the domestic money market was different from other countries' money markets.
The Fed's bond purchases had created pressure on the US dollar, he said.
"We are optimistic that the rupiah will move up again in the afternoon, although the increase might be less than that in the morning session," he said.
The Fed would further buy treasury bonds amounting to US$830 billion to increase the market's liquidity, he said.
He said that the rupiah's gain might not last long because demand for the greenback could grow again as companies such as state electricity company PT PLN and state oil and gas company Pertamina would need US dollars to pay matured debts, he said.
However, he said the rupiah's position was quite safe as Bank Indonesia (BI) had committed to guarding the Indonesian currency to remain under Rp12,000 per US dollar, he said.
