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Rupiah opens at Rp 12,434 per dollar on Monday
The rupiah interbank trade rate in Jakarta on Monday morning appreciated by 63 basis points to Rp 12,434 per US dollar from Rp 12,497 per US dollar in the closing session on Friday
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he rupiah interbank trade rate in Jakarta on Monday morning appreciated by 63 basis points to Rp 12,434 per US dollar from Rp 12,497 per US dollar in the closing session on Friday.
Woori Korindo Securities Indonesia head of research Reza Priyambada said the appreciation of the rupiah was caused by the positive outcomes of the Federal Open Market Committee's recent meeting.
'The outcomes are a sign that the US central bank is unlikely to increase its benchmark interest rate immediately. This has had a positive impact on risky assets, including the rupiah,' Reza said as quoted by Antara news agency on Monday.
On the other hand, he pointed to the commitment of Bank Indonesia, which would manage the trade of the domestic currency between Rp 11,900 and Rp 12,300 per dollar.
'The positive sentiment in the market is expected to maintain the trade of the rupiah,' he said.
He said, however, that corporate debt maturity - which mostly fell at the end of the year - and the development of the US economy would still prevent the rupiah from strengthening further in the market.
Separately, Monex Investindo Futures analyst Zulfirman Basir added that the domination of the US greenback had lessened across Asia on Monday morning, giving enough room for Asian currencies to rebound in the opening session.
Zulfirman also said the Russian ruble, which had continued to improve, had reduced market players' anxieties over the future of the global financial market. (nfo)(++++)
