Jakarta (News Today) - The rupiah weakened against the US dollar in the Jakarta interbank spot market, Monday morning, as the greenback strengthened against almost all Asian currencies and the Euro. The Indonesian currency traded Rp9,285-Rp9,295 per US dollar, down 110 points from Rp9,175-Rp9,185 per US dollar at the market’s close the weekend.
Wall Street losses were also a comtribting factor in the rupiah’s depreciation, Edwin Sinaga, president director of Finans Corpindo, said. Foreign investors sold off their shares at Wall Street as they were disappointed with US employment data, according to him.
The local unit, however, still had a chance to move upward again to nearly the level of Rp9,000 per US dollar, because the Asian markets, especially Indonesia, are better potential markets than those in Europe and the United States, he said.
"We predict that the pressure on the rupiah will not last long, it’s just temporary," he said.
The rupiah, which had earlier plunged to Rp9,100 per US dollar, was likely to return to the level of Rp9,100 per US dollar, he added.
"We are optimistic that the rupiah will again approach the level of Rp9,100 per US dollar, within a range between Rp9,000 and Rp9,200 per US dollar," he said.
Source : kompas.com
Monday, June 7, 2010
Rupiah Weakens to Nearly Rp9,300 against US Dollar
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