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Rupiah falls to 12,164 per dollar at Wednesday's close
The rupiah interbank trade rate in Jakarta on Wednesday weakened by one basis point to Rp 12,164 per US dollar from Rp 12,163 in earlier trading
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he rupiah interbank trade rate in Jakarta on Wednesday weakened by one basis point to Rp 12,164 per US dollar from Rp 12,163 in earlier trading.
'The rupiah has tended to slow on the market since investors are anticipating the country's macroeconomic data, which will be published early next month,' Bank Mandiri financial market analyst Rully Arya Wisnubroto said, as quoted by Antara news agency.
He said that the fuel price hike would push up the inflation rate in November. But he predicted that the impact would not be significant since Bank Indonesia's quick move to increase its benchmark interest rate to 7.75 percent would help stabilize inflation.
The fuel price hike was also expected to reduce Indonesia's trade balance deficit, he added.
He said, however, that the chance for the rupiah to strengthen in the market remained small because the US dollar was projected to continue its domination since the US booked a 3.9 percent growth in its Gross Domestic Product (GDP) throughout the third quarter of 2014.
'The performance of the US economy is better than [the economic performance of] other developed countries in the Eurozone,' he said.
Meanwhile, Bank Indonesia data showed that the rupiah was traded at Rp 12,160 per US dollar by 4 p.m. on Wednesday, up from Rp 12,166 per US dollar in earlier trade. (nfo)(+++)
