ID :
91365
Tue, 11/24/2009 - 16:12
Auther :
Shortlink :
https://www.oananews.org//node/91365
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RUPIAH WEAKENS SHARPLY AGAINST US DOLLAR
Jakarta, Nov. 24 (ANTARA) - The rupiah sharply weakened against the US dollar in the Jakarta interbank spot market here on Tuesday morning on profit taking moves.
The Indonesian currency traded Rp9,495-Rp9,505 per US dollar, down 50 points from Rp9,445-Rp9,455 per US dollar.
Investors took profit by selling the local currency which had earlier strengthened significantly, according to Rully Nova, a foreign currency analyst of PT Bank Himpunan Saudara Tbk.
Investors ignored the positive factor in Wall Street where US stocks rose following reports on improved property data and the weakening of the US dollar, he said.
He believed that the rupiah would strengthen in the afternoon given the Wall Street gains and the US dollar's depreciation.
If there were no more obstacles, the rupiah which still traded below the level of Rp9,500 per US dollar, would still have a chance to move upward further, he said.
Another factor which weakened the rupiah was the fact that investors were worried over President Susilo Bambang Yudhoyono's decision to leave the Bibit-Chandra cases to the respective institutions, namely the National Police, the Attorney General's Office and the Corruption Eradication Commission, he said.
A positive response from President Yudhoyono would have contributed positively to the rupiah, he said. ***
The Indonesian currency traded Rp9,495-Rp9,505 per US dollar, down 50 points from Rp9,445-Rp9,455 per US dollar.
Investors took profit by selling the local currency which had earlier strengthened significantly, according to Rully Nova, a foreign currency analyst of PT Bank Himpunan Saudara Tbk.
Investors ignored the positive factor in Wall Street where US stocks rose following reports on improved property data and the weakening of the US dollar, he said.
He believed that the rupiah would strengthen in the afternoon given the Wall Street gains and the US dollar's depreciation.
If there were no more obstacles, the rupiah which still traded below the level of Rp9,500 per US dollar, would still have a chance to move upward further, he said.
Another factor which weakened the rupiah was the fact that investors were worried over President Susilo Bambang Yudhoyono's decision to leave the Bibit-Chandra cases to the respective institutions, namely the National Police, the Attorney General's Office and the Corruption Eradication Commission, he said.
A positive response from President Yudhoyono would have contributed positively to the rupiah, he said. ***
