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Rupiah appreciates to 11,507 on Wednesday afternoon
The rupiah traded among banks in Jakarta on Wednesday afternoon strengthened by 99 basis points to 11,507 per US dollar, up from the previous 11,606 per dollar
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he rupiah traded among banks in Jakarta on Wednesday afternoon strengthened by 99 basis points to 11,507 per US dollar, up from the previous 11,606 per dollar.
PT Platon Niaga Berjangka analyst Lukman Leong said that the rupiah continued to make improvements due to political euphoria after the General Elections Commission (KPU) announced the presidential election winner on Tuesday night.
"By looking at this situation, we predict that the rupiah will strengthen only for a short time," Lukman said in Jakarta on Wednesday, as quoted by Antara news agency.
He said that election euphoria would soon disappear and the rupiah would continue to be affected by global sentiments and the country's fundamental economic condition.
"Global sentiments will immediately affect the rupiah. The US dollar is strengthening as the market players are expecting the US Federal Reserve to increase the US benchmark interest rate," he said.
On the other hand, global market players were still worried about escalating conflicts in Ukraine and Gaza, giving negative sentiment to risky assets including the rupiah.
Meanwhile, Bank Indonesia's mid-rate data showed that the rupiah was traded at 11,498 per US dollar in the afternoon, up from the previous 11,531 per dollar. (nfo)
