ID :
32270
Tue, 11/25/2008 - 17:27
Auther :
Shortlink :
http://m.oananews.org//node/32270
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RUPIAH DOWN 300 POINT ON TUESDAY MORNING
Jakarta, Nov 25 (ANTARA) - The rupiah fell 300 points to Rp12,350/12,450 per dollar in the Jakarta interbank spot market on Tuesday morning from Rp12,050/12,250 per dollar the day before on higher corporate demand for the greenback.
"Market players bought the US dollar to meet their needs before the end of the year to pay their maturing debts," foreign exchange analyst Rully Nova said on Tuesday.
He said market pressures on the rupiah would remain high because of uncertainty about the global financial turmoil, putting a further strain on the local unit although the government was expected to sign a loan agreement with Agence Francaise de Development (AFD) of France on Tuesday.
Under the climate change program loan scheme, the loan will be used to support the national work plan to mitigate the impact of climate change.
He said it would be difficult for the rupiah to strengthen in the near future because of strong market pressure which was expected to cause the rupiah to stay well above Rp12,000 per dollar.
It seemed that the government's efforts to shore up confidence in the rupiah had not been successful, he said.
The government was also facing liquidity difficulties given the continued drop in foreign exchange reserves to ease the pressure of external factors on the rupiah, he said.
The country's foreign exchange reserves were now estimated to stand at US$50.6 billion compared to US$60.5 billion previously, he said.
He said Bank Indonesia should cooperate with other central banks in supplying US dollars to the domestic market to ease pressure on the rupiah.
"Market players bought the US dollar to meet their needs before the end of the year to pay their maturing debts," foreign exchange analyst Rully Nova said on Tuesday.
He said market pressures on the rupiah would remain high because of uncertainty about the global financial turmoil, putting a further strain on the local unit although the government was expected to sign a loan agreement with Agence Francaise de Development (AFD) of France on Tuesday.
Under the climate change program loan scheme, the loan will be used to support the national work plan to mitigate the impact of climate change.
He said it would be difficult for the rupiah to strengthen in the near future because of strong market pressure which was expected to cause the rupiah to stay well above Rp12,000 per dollar.
It seemed that the government's efforts to shore up confidence in the rupiah had not been successful, he said.
The government was also facing liquidity difficulties given the continued drop in foreign exchange reserves to ease the pressure of external factors on the rupiah, he said.
The country's foreign exchange reserves were now estimated to stand at US$50.6 billion compared to US$60.5 billion previously, he said.
He said Bank Indonesia should cooperate with other central banks in supplying US dollars to the domestic market to ease pressure on the rupiah.
