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Rupiah closes at Rp 12,590 per dollar on Monday
The rupiah interbank trade rate in Jakarta remained stagnant at Rp 12,590 per US dollar in Mondayâs final trading session
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The rupiah interbank trade rate in Jakarta remained stagnant at Rp 12,590 per US dollar in Monday's final trading session.
Monex Investindo Futures analyst Zulfirman Basir said that the rupiah did not have enough room to fluctuate due to a variety of sentiments in the market.
Zulfirman said that the government's decision to lower the prices of fuel and 12-kilogram liquefied petroleum gas (LPG) canisters had made investors less worried about the country's possible economic slowdown.
Meanwhile, China, Indonesia's main trade partner, saw its average price of new homes fall in November 2014 for the seventh straight month, data provider China Real Estate Index System revealed.
The situation clearly showed that China is struggling to maintain its economy, Zulfirman said.
'Investors are worried about the outlook of Indonesian exports to China. This may put more pressure on the domestic currency,' he said as quoted by Antara news agency.
Separately, Bank Himpunan Saudara analyst Rully Nova added that sentiments in both domestic and global markets were pretty limited since players were anticipating the economic outlook of Germany as well as other nations in the Eurozone.
'The data from the outlook reports will decide what kind of actions they [the market players] should take immediately,' Rully said.
Moreover, Bank Indonesia data showed that the rupiah weakened to Rp 12,612 per US dollar by 4 p.m. on Monday, down from Rp 12,593 per US dollar in the earlier trading. (nfo)(+++)
