ID :
68232
Mon, 06/29/2009 - 15:00
Auther :
Shortlink :
https://www.oananews.org//node/68232
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RUPIAH SURGES 20 POINTS AGAINST US DOLLAR EARLY MONDAY
Jakarta, June 29 (ANTARA) - The rupiah surged 20 points against the US dollar in the Jakarta interbank spot market on profit taking moves.
The Indonesian currency traded at Rp10,200/10,215 per US dollar, up 20 from Rp10,220/10,235 per US dollar at the market's close last weekend.
The rupiah's continued surge could eventually make it approach the level of nearly Rp10,000 per US dollar, foreign exchange analyst Rully Nova of PT Bank Himpunan Saudara Tbk, said here on Monday.
The local currency could reach the level of Rp10,000 per US dollar if the market remained in its present condition until the weekend, he said.
He said the rupiah had a chance to further strengthen because national economic growth in the second semester of 2009 had improved and prompted the banking sector to revise its credit target.
The banking sector had set a higher credit target in the second semester from this year's first semester because it was confident the national economy would continue to grow, he said.
The banking sector's optimism would encourage the local currency to move upward further and this was also supported by the US central bank (The Fed)'s stable interest rate at only 0.25 percent, he explained.
Therefore, the rupiah's movement this week was expected to be growing and to reach the level of Rp10,000 per US dollar, he said.
Meanwhile, Fauzi Ichsan, an economist of Standard Chartered Bank, said the rupiah was estimated to reach the level of Rp9,500 at the end of this year.
The rupiah's expected rise would be mainly due to the fall of the US dollar following the injection of a huge amount of the greenback into the US administration's economy, he said.
"At least two trillion US dollars were injected, and this will surely cause the US dollar to tumble," he said.
The Indonesian currency traded at Rp10,200/10,215 per US dollar, up 20 from Rp10,220/10,235 per US dollar at the market's close last weekend.
The rupiah's continued surge could eventually make it approach the level of nearly Rp10,000 per US dollar, foreign exchange analyst Rully Nova of PT Bank Himpunan Saudara Tbk, said here on Monday.
The local currency could reach the level of Rp10,000 per US dollar if the market remained in its present condition until the weekend, he said.
He said the rupiah had a chance to further strengthen because national economic growth in the second semester of 2009 had improved and prompted the banking sector to revise its credit target.
The banking sector had set a higher credit target in the second semester from this year's first semester because it was confident the national economy would continue to grow, he said.
The banking sector's optimism would encourage the local currency to move upward further and this was also supported by the US central bank (The Fed)'s stable interest rate at only 0.25 percent, he explained.
Therefore, the rupiah's movement this week was expected to be growing and to reach the level of Rp10,000 per US dollar, he said.
Meanwhile, Fauzi Ichsan, an economist of Standard Chartered Bank, said the rupiah was estimated to reach the level of Rp9,500 at the end of this year.
The rupiah's expected rise would be mainly due to the fall of the US dollar following the injection of a huge amount of the greenback into the US administration's economy, he said.
"At least two trillion US dollars were injected, and this will surely cause the US dollar to tumble," he said.
