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Rupiah strengthens to 11,919 per dollar in the morning
The rupiah interbank trade rate appreciated by 52 basis points on Wednesday morning to Rp 11,919 per US dollar
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The rupiah interbank trade rate appreciated by 52 basis points on Wednesday morning to Rp 11,919 per US dollar.
Monex Investindo Futures analyst Ariston Tjendra said that varied economic data in the US prior to the result of Federal Open Market Committee (FOMC) meeting helped strengthen the rupiah.
"Investors are in a wait-and-see mode until the result of the FOMC meeting is announced officially," Ariston said as quoted by Antara news agency.
In addition, he said the fact that China, one of Indonesia's main trade partners, channeled 500 yuan (US$ 81 billion) in liquidity funds to its five largest state-run banks provided positive sentiment to the domestic currency.
He said, however, the strengthening of the rupiah would still be limited since
market players were waiting for the result of the FOMC meeting, slated to be
announced on Thursday.
Meanwhile, Bank Himpunan Saudara analyst Rully Nova said the rupiah would continue
its appreciation when president-elect Joko "Jokowi" Widodo announced who
would be installed in his Cabinet.
"Investors are hoping that those chosen will help spur the country's economic growth in the next five years," Rully said. (nfo)
