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View all search resultsRupiah weakens at opening to Rp 12,584
The rupiah rate against the US dollar in inter-bank trading in Jakarta weakened by 117 points from Rp 12,467 to Rp 12,584 in the opening session on Monday morning
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T
he rupiah rate against the US dollar in inter-bank trading in Jakarta weakened by 117 points from Rp 12,467 to Rp 12,584 in the opening session on Monday morning.
Ariston Tjendra, chief researcher of Monex Investindo Futures, said that the weakening rupiah was affected by the strengthening of the dollar against major currencies following the release of data on retail sales and unemployment-allowance claims that was exceeded expectations.
Ariston disclosed that the data on retail sales in US rose by 0.7 percent in November, higher than the projection of 0.4 percent, while data on weekly unemployment-allowance claims was also positive at 294,000, lower than the 295,000 predicted earlier.
'The data shows that the US economy is improving at a time when the Federal Reserves is mulling the possibility of raising bank rates. The combination of the strengthening dollar and light liquidity in the domestic market by the year-end burdens the rupiah,' Ariston said as quoted by Antara news agency.
Chief researcher of Woori Korindo Securities Indonesia Reza Priyambada said that rupiah continued its depreciating trend due to the absence of positive sentiment or positive news on the domestic market.
'Bank Indonesia also tends not to issue any policies to help anticipate sluggishness in the global market or domestic inflation, thereby causing worries among local market players,' he added. (hhr)(++++)
