Rupiah strengthens to 12,538 at opening
The Jakarta Post
The Jakarta Post
The rupiah gained in the opening session in inter-bank transactions in Jakarta on Thursday morning to a level of 12,538 per US dollar from 12,667 per dollar earlier.
Chief researcher of Monex Investindo Futures Ariston Tjendra attributed the rupiah's appreciation to intervention in the secondary markets.
'Bank Indonesia has intervened to help stabilize the rupiah by repurchasing government bonds sold to foreign investors,' Ariston said as quoted by Antara news agency.
He added that the rupiah strengthening was also made possible by a statement by US Federal Reserve governor Janet Yellen that she would be patient in normalizing her monetary policy, meaning an interest rate hike, which had been expected in the near future, will not now take place for at least the next several meetings.
Mandiri Sekuritas senior economist Aldian Taloputra said he also saw a stable movement of the rupiah against the dollar. He said the existing rupiah exchange rate could be utilized to help boost exports.
'Rising exports are expected to reduce the deficit in the balance of trade,' he said. (hhr)
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