RUPIAH STRENGTHENS TO RP11,000 PER DOLLAR LATE TUESDAY

Jakarta, Apr 15 (ANTARA) - The rupiah strengthened to hit the level of Rp11,000 against the dollar in the Jakarta interbank spot market late Tuesday as investors were getting enthusiastic in buying the local unit following the US greenback's weakening.

The rupiah closed at Rp10,800/11,030 per dollar late Tuesday against Rp11,105/11,120 per dollar the day before, up 305 points.
Money market observer Edwin Sinaga said the rupiah's appreciation which moved past Rp11,000 per dollar was too fast, adding it would worry exporters about the selling prices of their products.
The rupiah's faster-than-expected appreciation against the greenback would no doubt have a detrimental impact on the local unit's further movement, he said.
In addition, it would also cause the rupiah to tumble quickly in case of negative factor, said Edwin who is also the president director of PT Finan Corpindo Nusa.
Under the current circumstances, the rupiah should trade at Rp11,000 per dollar, he said.
It was likely the rupiah would weaken in the next trading because investors would take consolidated measures to prevent the Indonesian currency from appreciating further, he said.
"We predict that in the next trading there will be profit-taking to prevent the rupiah from strengthening further," he said.