ID :
34605
Tue, 12/09/2008 - 14:55
Auther :
Shortlink :
http://m.oananews.org//node/34605
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RUPIAH STRENGTHENS SIGNIFICANTLY DUE TO EXTERNAL FACTOR
Jakarta, Dec. 9 (ANTARA) - The rupiah strengthened against the US dollar in the Jakarta interbank spot market on Tuesday morning, due to positive support of an external factor happening in the United States.
The rupiah was traded at Rp11,320/11,400 per US dollar on Tuesday, up 280 points from Rp11,600/11,700 per US dollar from the market closing last weekend.
The local currency strengthened thanks to a report on the US government's plan to bail out three US automotive industries, said Eric Sugandhi, an economic observer of Standard Chartered Bank, here on Tuesday.
It meant that the US government under President-elect Barack Obama was very much concerned about the global financial crisis and eager to overcome it soon he said.
Previously, the US government has provided a US$700 billion bailout package for Citibank.
He said domestic market players tended to restrain themselves from buying US dollars, and they even released their dollars and bought rupiahs.
Bank Indonesia (BI), the central bank, had also supported the local currency by intervening in the market, he said.
BI saw the condition as the right momentum to strengthen the rupiah further to reach a level of Rp11,000 per US dollar, he said.
"We see that the chance for the rupiah to strengthen again is very big. Although it will be hard for the rupiah to return to the level of Rp10,000 per US dollar," he said.
The rupiah was traded at Rp11,320/11,400 per US dollar on Tuesday, up 280 points from Rp11,600/11,700 per US dollar from the market closing last weekend.
The local currency strengthened thanks to a report on the US government's plan to bail out three US automotive industries, said Eric Sugandhi, an economic observer of Standard Chartered Bank, here on Tuesday.
It meant that the US government under President-elect Barack Obama was very much concerned about the global financial crisis and eager to overcome it soon he said.
Previously, the US government has provided a US$700 billion bailout package for Citibank.
He said domestic market players tended to restrain themselves from buying US dollars, and they even released their dollars and bought rupiahs.
Bank Indonesia (BI), the central bank, had also supported the local currency by intervening in the market, he said.
BI saw the condition as the right momentum to strengthen the rupiah further to reach a level of Rp11,000 per US dollar, he said.
"We see that the chance for the rupiah to strengthen again is very big. Although it will be hard for the rupiah to return to the level of Rp10,000 per US dollar," he said.
