RUPIAH SLIGHTLY STRENGTHENS AGAINST US DOLLAR

Jakarta, Nov. 16 (ANTARA) - The rupiah strengthened against the US dollar in the Jakarta interbank spot market here on Monday morning as investors continued to hunt the local unit.

The Indonesian currency traded at Rp9,345-Rp9,355 per US dollar, up 10 points from Rp9,355-Rp9,365 at the market's close last weekend.

The rupiah was bolstered by gains at regional bourses, according to Edwin Sinaga, a domestic money market observer.

However, investors also waited for the Team of Eight's recommendations expected to be presented to President Susilo Bambang Yudhoyono soon, he said.

President Yudhoyono had set up and assigned the Team of Eight to review the legal case involving the national police and the Corruption Eradication Commission (KPK) which had caused a crisis of confidence in law enforcement agencies in the country.

Sinaga, who is also president director of PT Finan Corpindo Nusa, said legal certainty would also boost foreign investors' confidence in the Indonesian domestic market.

"We are optimistic that foreign businessmen will increase their investment in this country if the ongoing cases can be solved smoothly and quickly," he said.

Some analysts believed that the rupiah could reach the level of Rp9,200 to Rp9,300 at the end of this year.