ID :
52213
Wed, 03/25/2009 - 13:55
Auther :
Shortlink :
https://www.oananews.org//node/52213
The shortlink copeid
RUPIAH WEAKENS ON PROFIT TAKING EARLY WEDNESDAY
Jakarta, March 25 (ANTARA) - After making continuous rapid gains over the past two weeks, the rupiah weakened in the Jakarta interbank spot market early Wednesday as some market players engaged in profit-taking transactions.
The Indonesian currency plunged 50 points to Rp11,500/11,550 per US dollar from Rp11,450/11,460 at the market's close a day earlier.
The rupiah's depreciation was normal after the local currency had made significant gains in the preceding period of two weeks, Kostaman Thayib, retail banking director of PT Bank Mega Tbk, said here on Wednesday.
The local currency dropped as some small investors released the currency for profit taking, he said.
However, the rupiah still had a big chance to reach the level of Rp11,000 per US dollar, he said.
He believed the local currency would advance in the afternoon as a positive sentiment of the US dollar supply in the US market was still high.
The market was still positive and the rupiah in the coming days would still had a chance to advance, therefore the depreciation occurring in the morning was temporary, he said.
The rupiah also had a chance to reach the level of Rp10,000 per US dollar but it would take some times, he said.
The influx of the greenback in the US capital market and foreign funds invested in the domestic market were among chances for the rupiah to surge again, he said.
The Indonesian currency plunged 50 points to Rp11,500/11,550 per US dollar from Rp11,450/11,460 at the market's close a day earlier.
The rupiah's depreciation was normal after the local currency had made significant gains in the preceding period of two weeks, Kostaman Thayib, retail banking director of PT Bank Mega Tbk, said here on Wednesday.
The local currency dropped as some small investors released the currency for profit taking, he said.
However, the rupiah still had a big chance to reach the level of Rp11,000 per US dollar, he said.
He believed the local currency would advance in the afternoon as a positive sentiment of the US dollar supply in the US market was still high.
The market was still positive and the rupiah in the coming days would still had a chance to advance, therefore the depreciation occurring in the morning was temporary, he said.
The rupiah also had a chance to reach the level of Rp10,000 per US dollar but it would take some times, he said.
The influx of the greenback in the US capital market and foreign funds invested in the domestic market were among chances for the rupiah to surge again, he said.
