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Rupiah closes at 12,927 per dollar on Friday
The rupiah interbank trade rate in Fridayâs closing session appreciated by 48 basis points to Rp 12,927 per US dollar from Rp 12,975 per US dollar in the earlier trade
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he rupiah interbank trade rate in Friday's closing session appreciated by 48 basis points to Rp 12,927 per US dollar from Rp 12,975 per US dollar in the earlier trade.
PT Platon Niaga Berjangka analyst Lukman Leong said that the rise in the nation's foreign exchange reserves by US$1.3 billion to $115.5 billion in February 2015 since the previous month supported the rupiah trade.
'The rise shows that the Indonesian economy remains strong amid the ongoing global economic slowdown,' Lukman said on Friday as quoted by Antara news agency.
He also said the central bank's intervention in the domestic financial market strengthened the rupiah trade in the final trading session.
He cautioned, however, that the plan by the US Federal Reserve to hike fund rates would weaken the domestic currency given the fact that market players were anticipating the outcome of the Federal Open Market Committee (FOMC) meeting next week.
'The players predict that the Fed rate will increase in the middle of this year,' he said.
Meanwhile, Bank Indonesia's mid-rate data revealed the rupiah was traded at 12,983 per US dollar by 4 p.m. on Friday, up from the previous Rp 13,022 per US dollar. (nfo)(++++)
