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Jakarta Post

Rupiah weakens on Tuesday morning

  • The Jakarta Post

    The Jakarta Post

Jakarta | Tue, March 4 2014 | 11:34 am

The rupiah exchange rate on Tuesday morning was down 68 points to Rp 11,652 per US dollar from Rp 11,584.

'€œThe rupiah weakened this morning following the release of Indonesia'€™s trade balance data for January, which recorded a deficit,'€ said Trust Securities research head Reza Priyambada in Jakarta on Tuesday, as quoted by Antara.

However, he said, negative sentiment on account of the country'€™s trade deficit could still be balanced by February'€™s inflation rate, which stood at 0.26 percent, or lower than January'€™s inflation rate of 0.75 percent.

'€œIndonesia'€™s trade balance suffered a deficit in January this year following the government'€™s mineral ore export ban. However, the rupiah remains relatively stable against the US dollar,'€ said Reza.

Bank Himpunan Saudara market analyst Rully Nova added the corrected rupiah exchange rate against the US dollar was healthy for the domestic financial market.

The analyst said that overall, the rupiah exchange rate was still in line with Indonesia'€™s economic fundamental condition.

'€œIt is hoped that domestic sentiment could hold back external negative reports following the deceleration of manufacturing data in several Asian countries,'€ said Rully. ( ebf )

 

 

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