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View all search resultsRupiah strengthens to 11,794 per dollar at Friday's close
The rupiah interbank trade rate in Jakarta in Friday's closing trade appreciated by 33 basis points to Rp 11,794 per US dollar
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span style="color: #500050;">The rupiah interbank trade rate in Jakarta in Friday's closing trade appreciated by 33 basis points to Rp 11,794 per US dollar.
Monex Investindo Futures analyst Zulfirman Basir said that Bank Indonesia's recent announcement regarding its plan to implement tight monetary policy until year's end -- widely seen as a move to maintain the inflation rate and reduce the country's current account deficit -- helped strengthen the rupiah.
"Market players are responding positively to the central bank's move, hence strengthening the domestic currency in the market in the final trading session," Zulfirman said on Friday as quoted by Antara news agency.
He added that such a policy would also help offset the negative impact of the rising US Federal Reserve rate on domestic macro-economic stability.
Meanwhile, Bank Indonesia's mid-rate data showed the rupiah was stagnant by 4:00 p.m on Friday, at Rp 11,831 per dollar. (nfo)
