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Rupiah strengthens to 10,300
The Jakarta Post , Jakarta | Mon, 05/18/2009 9:57 AM | Business
The rupiah has strengthened to Rp 10,300 against the US dollar on the Jakarta inter-bank market on Monday morning, after weakening to Rp 10,400 last week.The rupiah was trading at Rp 10.385 against the greenback on Monday morning, compared to last week's close of Rp 10.445
Money market analyst Edwin Sinaga told state news agency Antara that the strengthening of the rupiah was driven by a statement by Finance Minister Sri Mulyani Indrawati that year-on-year inflation in May would not reach 5 percent, below the government's target of 6 percent.
In addition, the market was also buoyed by the news that Indonesia's economy grew by 4.4. percent in the first quarter of this year, making the country one of a few Asian economies to posted positive growth in the first quarter.
Such positive news, Edwin said, would continue to boost the rupiah.
"We are optimistic that the rupiah eventually will reach Rp 10,000 per dollar level," Edwin said.
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