Jakarta, Indonesia (News Today) - The rupiah weakened against the US dollar in the Jakarta interbank spot market here late Monday morning on profit taking moves after it had strengthened over last weekend. The local unit traded Rp9,060-Rp9,070 per US dollar, or down 28 points from that in the market’s close last weekend.
The sell-offs of the rupiah put the Indonesian currency at the level of above Rp9,050 per US dollar, according to Kostaman Thayib, Retail Banking Director of PT Bank Mega Tbk. The market pressure was occurring because of the sell-offs following regional bourses fall, he said.
Thayib was optimistic that the rupiah would be further depreciated in the afternoon trading session. He, however, believed that the rupiah was actually still in a stable position because the currency was still at the range of Rp9,050 and Rp9,100 per US dollar.
Indonesia’s economic was estimated to grow two digit in the second semester of 2010, he said. In the morning opening trading, the rupiah in the Jakarta interbank spot market here Monday morning was stable against the US dollar as investors were still waiting for positive factors in the market.
The Indonesian currency traded Rp9,030-Rp9,040 per US dollar, up two points from Rp9,032-Rp9,042 per US dollar at the market’s close over the last weekend. Local investors were still cautious of entering the money market as there was not new positive factor bolstering the market, according to Ahmad Riyadi, a research analyst of PT Millennium Danatama Securities.
Source : kompas
Tuesday, July 20, 2010
Profit Taking Drags Rupiah Lower
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