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Jakarta Post

Rupiah weakens to 12,134 per dollar

The rupiah exchange rate traded among banks in Jakarta on Thursday afternoon weakened by 52 points to Rp 12,134 per US dollar from Rp 12,082

The Jakarta Post
Jakarta
Thu, October 30, 2014

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Rupiah weakens to 12,134 per dollar

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herupiah exchange rate traded among banks in Jakarta on Thursday afternoonweakened by 52 points to Rp 12,134 per US dollar from Rp 12,082.

Monex Investindo Futures analyst Zulfirman Basir said in Jakarta that the US currency had continued to strengthen against the rupiah since Thursday morning.

'€œThe strengthening of the US dollar this morning has been strong enough to give negative sentiments to the rupiah today [Thursday],'€ he said as quoted by Antara news agency.

Zulfirman said among sentiments that had pushed the dollar to strengthen was the US Federal Reserve'€™s ascertainment that the US'€™ economic recovery would continue along with improved conditions in the country's employment sector.

'€œThe situation made the market worry about the potential that the Fed rate hike would happen earlier than in 2015 as it should,'€ said Zulfirman.

However, he said that circulating rumors on increases in subsidized fuel prices before Jan. 1, 2015, could reduce investors'€™ worries over Indonesia'€™s current account deficit.

'€œHowever, investors are likely to remain in a '€˜wait and see'€™ mode, waiting for the release of Indonesian economic data that will be announced on Nov. 3 and can hopefully give further directives on Indonesia'€™s economic condition,'€ said Zulfirman.

Bank Indonesia'€™s median rate recorded that the rupiah weakened to Rp 12,165 per US dollar on Thursday from Rp 12,163 on Wednesday.(ebf)

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