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Rupiah opens at Rp 12,603 per dollar on Monday
The rupiah interbank trade rate in Jakarta on Monday weakened by 13 basis points to Rp 12,603 per US dollar from Rp 12,590 per dollar in the closing session on Friday last week
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he rupiah interbank trade rate in Jakarta on Monday weakened by 13 basis points to Rp 12,603 per US dollar from Rp 12,590 per dollar in the closing session on Friday last week.
'External sentiment remains strong thus the decline in the fuel prices has not helped improve the rupiah,' Samuel Sekuritas economist Rangga Cipta said on Monday as quoted by Antara news agency.
He said that the decline in the fuel prices would help lower the inflation rate, hence creating positive sentiment for the rupiah. However, such sentiment was not strong in the domestic market at the moment.
'We predict that there will be enough pressure on the rupiah throughout the day,' he added.
Separately, Woori Korindo Securities Indonesia head of research Reza Priyambada said that the domestic currency had a good chance to appreciate but it would be limited.
'After the government announced the decline in fuel prices and state-produced cement [on Friday], we saw positive sentiment that could help strengthen the rupiah in the market,' Reza said, adding that the lower prices were expected to lower the price of basic needs.
In addition, Bank Indonesia's move to maintain its benchmark interest rate showed that Indonesia's economic development would remain strong in the future. (nfo)
