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Rupiah opens at 13,161 per dollar on Wednesday

The rupiah interbank trade rate in Wednesdayâs first trading session depreciated by 78 basis points to Rp 13,161 per US dollar from Rp 13,083 per dollar in the previous trade

The Jakarta Post

Jakarta

Wed, March 11, 2015 Published on Mar. 11, 2015 Published on 2015-03-11T11:49:59+07:00

T

he rupiah interbank trade rate in Wednesday's first trading session depreciated by 78 basis points to Rp 13,161 per US dollar from Rp 13,083 per dollar in the previous trade.

'The domestic currency continues its depreciation this morning because of the appreciation of the US dollar in the global financial market. This situation has made market players expect that the Fed [US Federal Reserve] will raise its fund rates immediately,' Monex Investindo Futures head of research Ariston Tjendra said as quoted by Antara news agency.

He said that investors were expecting the rates to increase in June, three months earlier than they had previously projected following improvements in the US economy.

The US private sector, for instance, added 290,000 new jobs throughout February, some 50,000 jobs higher than market players predicted.

In addition, he said the weakening of currencies in emerging markets was driven by the uncertainties of Greece's debt settlement. That situation has pushed the players to keep their assets in the US greenback for the moment.

'The main factors that cause the rupiah to weaken are the global trends. Our economic fundamentals remain healthy,' he noted. (nfo)