ID :
26134
Thu, 10/23/2008 - 13:43
Auther :
Shortlink :
http://m.oananews.org//node/26134
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RUPIAH WEAKENS 15 POINTS ON THURSDAY MORNING
Jakarta, Oct. 23 (ANTARA) - The rupiah in the Jakarta interbank spot market on Thursday morning dropped 15 points to Rp9,895/9,930 per US dollar from Rp9,880/9,965 per US dollar on the previous day, because buyout of US dollars by market players continued.
"Continued buyout of US dollars by market players is the main factor which causes rupiah to drop to nearly Rp9,900 per US dollar," Standard Chartered Bank economist Eric Sugandhi said here on Thursday.
He predicted that the rupiah would weaken until this end of this year and it could reach a level of RP10,000 per US dollar.
The market pressure against rupiah was still high, despite a tight supervision of Bank Indonesia (BI) on money market activities, he said.
The global financial crisis in fact hardly had an affect on the domestic market, but the rupiah weakened because a number of regional money markets again tumbled, he said.
He said that the rupiah should have strengthened following the moves by several foreign central banks to inject fresh fund in the global market to east liquidity.
Thanks to the fresh fund injection, the availability of US dollars was more than enough in the global market, and the rupiah should have been up because the demands for US dollars could easily be met, he said.
However, he believed that the Indonesian currency would again strengthen when the demands for US dollars drop.
He estimated that the rupiah would again drop in the afternoon.
"Continued buyout of US dollars by market players is the main factor which causes rupiah to drop to nearly Rp9,900 per US dollar," Standard Chartered Bank economist Eric Sugandhi said here on Thursday.
He predicted that the rupiah would weaken until this end of this year and it could reach a level of RP10,000 per US dollar.
The market pressure against rupiah was still high, despite a tight supervision of Bank Indonesia (BI) on money market activities, he said.
The global financial crisis in fact hardly had an affect on the domestic market, but the rupiah weakened because a number of regional money markets again tumbled, he said.
He said that the rupiah should have strengthened following the moves by several foreign central banks to inject fresh fund in the global market to east liquidity.
Thanks to the fresh fund injection, the availability of US dollars was more than enough in the global market, and the rupiah should have been up because the demands for US dollars could easily be met, he said.
However, he believed that the Indonesian currency would again strengthen when the demands for US dollars drop.
He estimated that the rupiah would again drop in the afternoon.
