ID :
9742
Tue, 06/10/2008 - 22:25
Auther :
Shortlink :
https://oananews.org//node/9742
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RUPIAH STRENGTHENS 5 POINTS TO RP9,327 ON TUESDAY
Jakarta, June 10 (ANTARA) - The rupiah slightly rose by 5 points to Rp9,327/9,330 per dollar in the Jakarta interbank spot market on Tuesday evening after it weakened in the morning, a foreign exchange analyst said.
"The rupiah strengthened against the dollar as investors speculated about buying the rupiah following a strengthening of the regional stock exchange's index," Rully Nova of PT Bank Himpunan Saudara Tbk said on Tuesday.
The rupiah closed at Rp9,332/9,354 on Monday.
He said the rupiah strengthened against the US greenback after Bank Indonesia (the central bank/BI) released funds from its foreign exchange reserves to ease negative pressure on the Indonesian currency.
The rupiah was expected to return to the previous level of Rp9,300 per dollar if BI kept abreast of further developments, he said.
BI wanted to keep the rupiah below Rp9,300 per dollar and therefore, it would continue to intervene in the market, he said.
The central bank considered the rupiah to be in safe position if it traded below Rp9,300 per dollar, he said.
"I am optimistic the rupiah will strengthen in the ensuing days as market sentiment tends to support it," he said.
Moreover, a turbulence in global crude prices had eased and concerns about the looming US financial crisis had shown no sign of abating after the US largest financial company, Lehman Brother, suffered huge losses, he said.
"Given BI's intervention in the market, the rupiah's chance of sthengthening further in the ensuing days is wide open," he said.
BI had also raised its benchmark interest rate by 25 basis points to 8.50 percent to boost the rupiah's appreciation against the dollar, he said.
The central bank also had foreign exchange reserves which were large enough to further intervene in the money market, he said.
"The rupiah strengthened against the dollar as investors speculated about buying the rupiah following a strengthening of the regional stock exchange's index," Rully Nova of PT Bank Himpunan Saudara Tbk said on Tuesday.
The rupiah closed at Rp9,332/9,354 on Monday.
He said the rupiah strengthened against the US greenback after Bank Indonesia (the central bank/BI) released funds from its foreign exchange reserves to ease negative pressure on the Indonesian currency.
The rupiah was expected to return to the previous level of Rp9,300 per dollar if BI kept abreast of further developments, he said.
BI wanted to keep the rupiah below Rp9,300 per dollar and therefore, it would continue to intervene in the market, he said.
The central bank considered the rupiah to be in safe position if it traded below Rp9,300 per dollar, he said.
"I am optimistic the rupiah will strengthen in the ensuing days as market sentiment tends to support it," he said.
Moreover, a turbulence in global crude prices had eased and concerns about the looming US financial crisis had shown no sign of abating after the US largest financial company, Lehman Brother, suffered huge losses, he said.
"Given BI's intervention in the market, the rupiah's chance of sthengthening further in the ensuing days is wide open," he said.
BI had also raised its benchmark interest rate by 25 basis points to 8.50 percent to boost the rupiah's appreciation against the dollar, he said.
The central bank also had foreign exchange reserves which were large enough to further intervene in the money market, he said.
