ID :
25693
Tue, 10/21/2008 - 14:57
Auther :
Shortlink :
http://m.oananews.org//node/25693
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RUPIAH STRENGTHENS SLIGHTLY ON TUESDAY MORNING
Jakarta, Oct. 21 (ANTARA) - The rupiah slightly strengthened against the US dollar in the Jakarta interbank spot market early Tuesday, as market players began to speculate by releasing US dollars for profit taking.
The rupiah traded at Rp9,795/9,800 per US dollar Tuesday morning, an increase of 10 points from Rp9,805/9,815 per US dollar the day before.
The rupiah started to strengthen as Bank Indonesia (the central bank/BI) kept on monitoring the money market especially in foreign banks which trade foreign currencies, Rully Nova, foreign currency analyst of PT Bank Himpunan Saudara, said here on Tuesday.
BI's active intervention enabled the rupiah which was earlier pressured by the market to strengthen and reach a level of below Rp9,800 per US dollar, he said,
The rupiah's movement against the US dollar over the past one week was between Rp9,800 and Rp9,850, and even close to Rp9,900 per US dollar, he said.
The main factor which caused the rupiah to strengthen was the fact that market players considered it was the right time for profit taking, after keeping US dollars for some time until its value reached a level of above Rp9,800 per dollar.
"The position of the rupiah at the level of Rp9,800
per US dollar is considered the right moment for profit taking. However, they are still worried about the ongoing global financial crisis," he said.
He said the strengthening of the rupiah might continue until Tuesday afternoon, as the market tended to be positive, although it might go up just slightly.
"Market players try to speculate by selling US dollars, although the release of US dollars is still overshadowed by a concern about the sluggish global economic growth," he said.
The Rupiah might drop again in the run up to next year's general elections if Indonesia failed to implement the elections smoothly, he said.
Therefore, the government must make sure that implementation of the polls would be smooth, and the government would perform well, so that the rupiah could be safeguarded against market pressure, he said.
The rupiah traded at Rp9,795/9,800 per US dollar Tuesday morning, an increase of 10 points from Rp9,805/9,815 per US dollar the day before.
The rupiah started to strengthen as Bank Indonesia (the central bank/BI) kept on monitoring the money market especially in foreign banks which trade foreign currencies, Rully Nova, foreign currency analyst of PT Bank Himpunan Saudara, said here on Tuesday.
BI's active intervention enabled the rupiah which was earlier pressured by the market to strengthen and reach a level of below Rp9,800 per US dollar, he said,
The rupiah's movement against the US dollar over the past one week was between Rp9,800 and Rp9,850, and even close to Rp9,900 per US dollar, he said.
The main factor which caused the rupiah to strengthen was the fact that market players considered it was the right time for profit taking, after keeping US dollars for some time until its value reached a level of above Rp9,800 per dollar.
"The position of the rupiah at the level of Rp9,800
per US dollar is considered the right moment for profit taking. However, they are still worried about the ongoing global financial crisis," he said.
He said the strengthening of the rupiah might continue until Tuesday afternoon, as the market tended to be positive, although it might go up just slightly.
"Market players try to speculate by selling US dollars, although the release of US dollars is still overshadowed by a concern about the sluggish global economic growth," he said.
The Rupiah might drop again in the run up to next year's general elections if Indonesia failed to implement the elections smoothly, he said.
Therefore, the government must make sure that implementation of the polls would be smooth, and the government would perform well, so that the rupiah could be safeguarded against market pressure, he said.
