ID :
12106
Thu, 07/10/2008 - 20:40
Auther :
Shortlink :
http://m.oananews.org//node/12106
The shortlink copeid
RUPIAH FALLS 10 POINTS TO RP9,170 PER DOLLAR TUESDAY MORNING
Jakarta, July 10 (ANTARA) - The rupiah fell 10 points on Thursday morning after it sharply strengthened below Rp9,200 per dollar on Wednesday following a rush for the local unit on concerns the US economy would continue to slow down, an analyst said.
"The persistent US financial crisis is the main factor of the US economic slowdown. Still, the US dollar looks able to move upward," the retail banking director of PT Bank Mega Tbk, Kostaman Thayib, said on Thursday.
The rupiah closed at Rp9,170/9,175 per dollar in the Jakarta interbank spot market on Thursday morning compared with Rp9,160/9,192 per dollar on Wednesday.
Kostaman said the rupiah's fall was normal following its sharp increase so that it traded far below Rp9,200 per dollar.
This happened because investors sought to gain on the rupiah's sharp increase, he said.
The rupiah also came under pressure from the regional market following a drop in the Wall Street's index, he said adding the market was dominated by the rupiah's sell-offs on Thursday morning.
But he added the rupiah still had a chance to strengthen owing to positive market sentiments to the local unit.
The positive sentiments would cause the rupiah to edge closer to Rp9,150 per dollar. However, the rupiah sell-offs to benefit from the rupiah's sharp rise would somewhat hinder its further appreciation.
He said a rush on the rupiah was likely to occur on Thursday evening following the rupiah's sell-offs in the morning.
The higher interest rate and foreign investors' active participation in the domestic market would likely cause the rupiah to strengthen far below Rp9,200 per dollar, he said.
Thus, the rupiah's chance of strengthening below Rp9,150 per dollar would be wide open, he said.
Meanwhile, the dollar rose 0.1 percent to 106.90 against the Japanese yen and to 1.5730 against the euro.
"The persistent US financial crisis is the main factor of the US economic slowdown. Still, the US dollar looks able to move upward," the retail banking director of PT Bank Mega Tbk, Kostaman Thayib, said on Thursday.
The rupiah closed at Rp9,170/9,175 per dollar in the Jakarta interbank spot market on Thursday morning compared with Rp9,160/9,192 per dollar on Wednesday.
Kostaman said the rupiah's fall was normal following its sharp increase so that it traded far below Rp9,200 per dollar.
This happened because investors sought to gain on the rupiah's sharp increase, he said.
The rupiah also came under pressure from the regional market following a drop in the Wall Street's index, he said adding the market was dominated by the rupiah's sell-offs on Thursday morning.
But he added the rupiah still had a chance to strengthen owing to positive market sentiments to the local unit.
The positive sentiments would cause the rupiah to edge closer to Rp9,150 per dollar. However, the rupiah sell-offs to benefit from the rupiah's sharp rise would somewhat hinder its further appreciation.
He said a rush on the rupiah was likely to occur on Thursday evening following the rupiah's sell-offs in the morning.
The higher interest rate and foreign investors' active participation in the domestic market would likely cause the rupiah to strengthen far below Rp9,200 per dollar, he said.
Thus, the rupiah's chance of strengthening below Rp9,150 per dollar would be wide open, he said.
Meanwhile, the dollar rose 0.1 percent to 106.90 against the Japanese yen and to 1.5730 against the euro.
