ID :
77228
Thu, 08/27/2009 - 14:10
Auther :
Shortlink :
https://www.oananews.org//node/77228
The shortlink copeid
RUPIAH PLUNGES AS INVESTORS HUNT FOR US GREENBACK
Jakarta, Aug. 27 (ANTARA) - The rupiah plunged against the US dollar in the Jakarta interbank spot market here on Thursday morning as investors released the local currency and hunted for the greenback.
The Indonesian currency traded at Rp10,135-Rp10,150 per US dollar, down 80 points from Rp10,055-Rp10,065 per US dollar at the market's close a day earlier.
Foreign investors were interested in better prospect of the US economic recovery, Kostaman Thayib, banking retail director of PT Bank Mega Tbk, said.
Data showed that the United States enjoyed strong new property sales and higher demands for manufacturing goods, he said.
The US dollar rose to 94.22 yen from 94.15 yen earlier.
He predicted that the rupiah would continue to weaken as the Jakarta stocks at the Indonesian Stock Exchange (BEI) also plunged, despite Wall Street bourse gains.
Foreign investors also released their domestic shares and bought the US dollar instead, because of the US economic improvement, he said.
Lack of local incentives such as credit interest cut as promised by a number of banks, also caused the rupiah to weaken, according to him.
Investors were waiting for banks to lower their credit interest rate in order to boost the real sector, he said.
Meanwhile, Suriyanto Chang, head of the finance devision of PT OCBC NISP, said the rupiah's depreciation was just temporary as the local currency was looking for a new balance after the government had set a target of the rupiah's assumption at Rp10,000 per US dollar in 2010.
***2***
The Indonesian currency traded at Rp10,135-Rp10,150 per US dollar, down 80 points from Rp10,055-Rp10,065 per US dollar at the market's close a day earlier.
Foreign investors were interested in better prospect of the US economic recovery, Kostaman Thayib, banking retail director of PT Bank Mega Tbk, said.
Data showed that the United States enjoyed strong new property sales and higher demands for manufacturing goods, he said.
The US dollar rose to 94.22 yen from 94.15 yen earlier.
He predicted that the rupiah would continue to weaken as the Jakarta stocks at the Indonesian Stock Exchange (BEI) also plunged, despite Wall Street bourse gains.
Foreign investors also released their domestic shares and bought the US dollar instead, because of the US economic improvement, he said.
Lack of local incentives such as credit interest cut as promised by a number of banks, also caused the rupiah to weaken, according to him.
Investors were waiting for banks to lower their credit interest rate in order to boost the real sector, he said.
Meanwhile, Suriyanto Chang, head of the finance devision of PT OCBC NISP, said the rupiah's depreciation was just temporary as the local currency was looking for a new balance after the government had set a target of the rupiah's assumption at Rp10,000 per US dollar in 2010.
***2***
