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Rupiah strengthens to 11,990 per dollar at Wednesday's close

The rupiah interbank trade rate appreciated during Wednesday’s closing session by11 basis points to 11,990 per US dollar

The Jakarta Post
Jakarta
Wed, October 22, 2014

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Rupiah strengthens to 11,990 per dollar at Wednesday's close

The rupiah interbank trade rate appreciated during Wednesday'€™s closing session by11 basis points to 11,990 per US dollar.

Monex Investindo Futures analyst Ariston Tjendra said the strengthening of the domestic currency was supported by the depreciation of the dollar following an announcement of the US'€™ inflation rate.

"Investors know that the US Federal Reserve will not increase its benchmark interest rate immediately due to the global economic slowdown,'€ Ariston said as quoted by Antara news agency.

Separately, Bank Himpunan Saudara analyst Rully Nova said political sentiment in the country had also helped to strengthen the rupiah. The fact that President Joko '€œJokowi'€ Widodo planned to announce his Cabinet ministers on Wednesday evening had resulted in optimism among market players, hence encouraging them to buy the rupiah.

Rully added, however, that the rupiah's appreciation remained limited as a number of players were holding off til the final announcement.

Meanwhile, Bank Indonesia data showed that the rupiah traded Wednesday at 12, 026 per dollar, down from the previous day's 11,993 per dollar. (nfo)(+++)

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