Rupiah strengthens as Yudhoyono inaugurated
The Jakarta Post, Jakarta | Tue, 10/20/2009 10:52 AM
The Indonesian rupiah gained ground on Tuesday morning as Susilo Bambang Yudhoyono was inaugurated as Indonesian president for the 2009-2014 period.
The rupiah strengthened to Rp 9,360 per U.S. dollar on Tuesday morning trading from Monday's closing of Rp 9,390.
Financial market analyst Harry Kurniawan told Antara that Yudhoyono's inauguration sent a positive sentiment to the market.
In addition, the strengthening of the rupiah was also in line with the weakening of the greenback against the euro.
"We are optimistic that the rupiah will continue to strengthen and touch Rp 9,300 per dollar after the president announced his Cabinet," Harry said.
The President is scheduled to announce the line-up of his Cabinet either later today or Wednesday.
Currency market analyst Farial Anwar shared Harry's upbeat prediction that the rupiah would continue to strengthen, saying that the strengthening of the rupiah would be supported by improving economic growth.
He predicted that the rupiah should head to Rp 9,000 level next year.
