ID :
25556
Mon, 10/20/2008 - 14:13
Auther :
Shortlink :
http://m.oananews.org//node/25556
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RUPIAH TUMBLES TO OVER RP9,800 PER US DOLLAR ON MONDAY MORNING
Jakarta, Oct. 20 (ANTARA) - The rupiah tumbled to more than Rp9,800 per US dollar in the Jakarta interbank spot market on Monday morning as market players again bought dollars out of concern over the sluggish global economic conditions.
"The slowing of global economic growth prompted market players to buy dollars rather than rupiah, so the Indonesian currency dropped again ," PT Bank Mega Tbk's Banking Retail Director Kostaman Thayib, said here on Monday.
The rupiah traded at Rp9,825/9,830 per US dollar, down 40 points from Rp9,785/9,810 per US dollar over the weekend.
However, he said, the country's central bank, Bank Indonesia (BI), was active in the market to supervise currency trading tightly in order to prevent the rupiah from plunging to Rp10,000 per US dollar.
It would be difficult for the rupiah to strengthen although BI was still intervening in the market because the intervention happened only intermittently.
Therefore, the rupiah would have a hard time reaching a level of Rp9,500, for instance, he said.
The government had changed the assumed rupiah exchange rate of Rp9,150 per US dollar to Rp9,500 per US dollar in 2009 to adjust to the world's sluggish economic growth.
He predicted that the rupiah would continue to weaken on Monday afternoon as the market's negative sentiment was still high due to the big interest in buying dollars.
"The slowing of global economic growth prompted market players to buy dollars rather than rupiah, so the Indonesian currency dropped again ," PT Bank Mega Tbk's Banking Retail Director Kostaman Thayib, said here on Monday.
The rupiah traded at Rp9,825/9,830 per US dollar, down 40 points from Rp9,785/9,810 per US dollar over the weekend.
However, he said, the country's central bank, Bank Indonesia (BI), was active in the market to supervise currency trading tightly in order to prevent the rupiah from plunging to Rp10,000 per US dollar.
It would be difficult for the rupiah to strengthen although BI was still intervening in the market because the intervention happened only intermittently.
Therefore, the rupiah would have a hard time reaching a level of Rp9,500, for instance, he said.
The government had changed the assumed rupiah exchange rate of Rp9,150 per US dollar to Rp9,500 per US dollar in 2009 to adjust to the world's sluggish economic growth.
He predicted that the rupiah would continue to weaken on Monday afternoon as the market's negative sentiment was still high due to the big interest in buying dollars.
