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Rupiah slips to 11,745 per dollar Tuesday afternoon
Rupiah interbank trade in Jakarta on Tuesday afternoon depreciated by 52 basis points to Rp 11,745 per US dollar
Change Size
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upiah interbank trade in Jakarta onTuesday afternoon depreciated by 52 basis points to Rp 11,745 per USdollar.
Platon Niaga Berjangka analyst Lukman Leong said that the domestic economy wasforecast to slowdown in the coming months due to a higher inflation rate that putpressure on the rupiah.
"Market players have responded negatively to [expected] rising prices of subsidized fuel and 12-kilogram LPG [liquefied petroleum gas] canisters ," Lukman said in Jakarta on Tuesday as quoted by Antara news agency.
The fact that Indonesia's US$130 million trade balance surplus in July was not supported by export performance also hampered the rupiah to appreciate.
"As we have seen no improvement in our exports, the market believes it
will hamper economic development," he said.
He also said that the investors were waiting for the formation of the new
Cabinet, thereby limiting room for the domestic currency to appreciate. (nfo)
