ID :
68419
Tue, 06/30/2009 - 13:27
Auther :
Shortlink :
https://www.oananews.org//node/68419
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RUPIAH STRENGTHENS AGAINST US DOLLAR EARLY TUESDAY
Jakarta, June 30 (ANTARA) - The rupiah strengthened against the US dollar at the Jakarta interbank spot market, here on Tuesday morning, as investors purchased the local currency in the runup to the upcoming presidential elections.
The Indonesian currency traded at Rp10,195-Rp10,225 per US dollar, down 25 points from Rp10,220-Rp10,235 at the market's close a day earlier.
Investors were currently taking a wait-and-see stance for several happenings in the country, Kostaman Thayib, retail banking director of PT Bank MEga Tbk., said here on Tuesday morning.
The country's second direct presidential polls is scheduled for July 8, 2009. Banks are expected to adjust their interest rates if the country's central bank, Bank Indonesia (BI), again will lower its BI Rate, he said.
National economic growth in the second semester of 2009, which is expected to be better than that in the previous semester, has encouraged investors to buy the rupiah, he said.
As a result, the local currency continued to gain to nearly Rp10,000 per US dollar, he said.
However, he predicted that the rupiah would not pass the level of Rp10,000 per US dollar, as there was no significant positive issue. But some analysts estimated that the rupiah might reach the level of Rp9,500 per US dollar at the end of this year.
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. If it happened, the rupiah's movement would continue to strengthen, he added.
Therefore, he was optimistic that the rupiah at the end of this year would reach the level of Rp9,500 per US dollar if everything would be running smoothly.
The optimism was also supported by the fact that foreign investors were very active in the domestic money and stock markets. ***
The Indonesian currency traded at Rp10,195-Rp10,225 per US dollar, down 25 points from Rp10,220-Rp10,235 at the market's close a day earlier.
Investors were currently taking a wait-and-see stance for several happenings in the country, Kostaman Thayib, retail banking director of PT Bank MEga Tbk., said here on Tuesday morning.
The country's second direct presidential polls is scheduled for July 8, 2009. Banks are expected to adjust their interest rates if the country's central bank, Bank Indonesia (BI), again will lower its BI Rate, he said.
National economic growth in the second semester of 2009, which is expected to be better than that in the previous semester, has encouraged investors to buy the rupiah, he said.
As a result, the local currency continued to gain to nearly Rp10,000 per US dollar, he said.
However, he predicted that the rupiah would not pass the level of Rp10,000 per US dollar, as there was no significant positive issue. But some analysts estimated that the rupiah might reach the level of Rp9,500 per US dollar at the end of this year.
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. If it happened, the rupiah's movement would continue to strengthen, he added.
Therefore, he was optimistic that the rupiah at the end of this year would reach the level of Rp9,500 per US dollar if everything would be running smoothly.
The optimism was also supported by the fact that foreign investors were very active in the domestic money and stock markets. ***
