RUPIAH TUMBLES TO NEARLY RP11,000 WEDNESDAY AFTERNOON

Jakarta, April 22 (ANTARA) - The rupiah tumbled against the US dollar at the Jakarta interbank spot market here on Wednesday afternoon as investors released the local currency on profit taking.

Market players tended to ignore internal positive sentiment following foreign capital inflow, especially those from the Middle East, into the domestic market, Edwin Sinaga, a money market observer, said here on Wednesday.

Investors wanted to respond to the significant gains of the Indonesian currency over the past few days to take profit, he said.

They were actually aware that the Indonesian economic performance was quite good with an economic growth rate at 4.5 percent, from previously expected at only three percent, he said.

Sinaga, concurrently president director of PT Finan Corpindo, said the rupiah's position at between Rp10,600 and Rp11,000 per US dollar was quite fine.

There was nothing to worry about the rupiah slump, as the Indonesian currency still had a chance to strengthen again, he said.

He said investors were also monitoring the political situation in the country in the runup to the upcoming presidential and vice presidential elections scheduled for July 8, following a smooth and peaceful implementation of the legislative elections last April 9.

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