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Rupiah appreciates to 11,910 per dollar Tuesday
The rupiah interbank trade rate appreciated on Tuesday morning by 51 basis points to reach 11,910 per US dollar
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The rupiah interbank trade rate appreciated on Tuesday morning by 51 basis points to reach 11,910 per US dollar.
Even though the domestic currency rallied slightly in the opening session, Monex Investindo Futures research head Ariston Tjendra said the dollar remained strong following the market's high expectations that the US Federal Reserve was set to increase its interest rate.
He said the US planned to release its manufacturing and industrial production data this week and if the data was as good as the market expected, the rupiah would likely continue to depreciate.
"The greenback is maintaining its momentum for now, and it will further hurt the rupiah if US economic data continues to show improvements," Ariston saidTuesday as quoted by Antara news agency.
He also said the announcement of the composition of the new Cabinet on Monday had been met with a positive response by market players, creating room for the rupiah to strengthen in the future.
"Market players will be monitoring the new Cabinet closely. They are expecting the Cabinet's new formation to help spur Indonesia's economic growth," he added. (nfo)
