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Rupiah closes at Rp 12,968 per dollar on Thursday
The rupiah interbank trade rate in Jakarta on Thursday appreciated slightly to close at Rp 12,968 per US dollar after breaching Rp 13,000 per dollar in earlier trade
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he rupiah interbank trade rate in Jakarta on Thursday appreciated slightly to close at Rp 12,968 per US dollar after breaching Rp 13,000 per dollar in earlier trade.
'The market players are expecting the country's foreign exchange reserves in February 2015 to remain stable. This sentiment has seen the appreciation of the rupiah in the financial market,' Bank Himpunan Saudara analyst Rully Nova said, as quoted by Antara news agency.
He said that players predicted that foreign exchange reserves in February would stand at around US$114 billion.
This figure could cover the nation's imports for more than six months.
He cautioned, however, that the appreciation of the domestic currency would not remain for long due to uncertain implementation of the new Fed rate.
'We project that the rupiah will tend to be volatile until mid-2015,' he said.
Bank Indonesia data showed that the rupiah had weakened to Rp 13,022 per US dollar in the closing session on Thursday, down from Rp 12,963 per US dollar in the previous trade. (nfo)(+++)
