ID :
70237
Mon, 07/13/2009 - 20:50
Auther :
Shortlink :
https://www.oananews.org//node/70237
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RUPIAH TUMBLES ON PROFIT TAKING MOVES
Jakarta, July 13 (ANTARA) - The rupiah tumbled against the US dollar at the Jakarta interbank spot market here, early Monday, on profit taking moves after the local currency had rallied last week.
The Indonesian currency traded at Rp10,170-Rp10,180, down 35 points from Rp10,135-Rp10,145 per US dollar.
The rupiah's depreciation was normal after last week it reached the level of nearly Rp10,100 per US dollar, according to Rully Nova, a foreign exchange analyst of PT Bank Himpunan Saudara Tbk.
"We are optimistic that the rupiah will strengthen again in the afternoon trading session, as the positive sentiment of the market is still strong following the victory of the Susilo Bambang Yudhoyono (SBY)-Boediono pair in the recent presidential election," he said.
However, he believed it would be difficult for the local currency to reach the level of Rp10,000 per US dollar because there was no new factor significant enough to boost the rupiah to further move upward.
He said the SBY-Boediono victory was one of the main factors which bolstered the rupiah to strengthen. Bank credit interest rate cut and foreign capital inflow were expected to help boost the national economic growth, he said.
If the foreign investments increase and bank credit interests are cut, the economy would get better and this would boost the rupiah to gain further, he said.
"We are optimistic that the rupiah will continue to strengthen up to below the level of Rp10,000 per US dollar at the end of this year, if all positive factors further support it," he said.
For this moment, the Indonesian currency is quite stable and will not affect exporters negatively in calculating their products to be exported, as the rupiah's exchange rate is tended to be around Rp10,200 per US dollar, according to him.
He is also optimistic that Indonesia in the future would grow well if all domestic economic indicators also improve.***
The Indonesian currency traded at Rp10,170-Rp10,180, down 35 points from Rp10,135-Rp10,145 per US dollar.
The rupiah's depreciation was normal after last week it reached the level of nearly Rp10,100 per US dollar, according to Rully Nova, a foreign exchange analyst of PT Bank Himpunan Saudara Tbk.
"We are optimistic that the rupiah will strengthen again in the afternoon trading session, as the positive sentiment of the market is still strong following the victory of the Susilo Bambang Yudhoyono (SBY)-Boediono pair in the recent presidential election," he said.
However, he believed it would be difficult for the local currency to reach the level of Rp10,000 per US dollar because there was no new factor significant enough to boost the rupiah to further move upward.
He said the SBY-Boediono victory was one of the main factors which bolstered the rupiah to strengthen. Bank credit interest rate cut and foreign capital inflow were expected to help boost the national economic growth, he said.
If the foreign investments increase and bank credit interests are cut, the economy would get better and this would boost the rupiah to gain further, he said.
"We are optimistic that the rupiah will continue to strengthen up to below the level of Rp10,000 per US dollar at the end of this year, if all positive factors further support it," he said.
For this moment, the Indonesian currency is quite stable and will not affect exporters negatively in calculating their products to be exported, as the rupiah's exchange rate is tended to be around Rp10,200 per US dollar, according to him.
He is also optimistic that Indonesia in the future would grow well if all domestic economic indicators also improve.***
