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Rupiah weakens three points to Rp 13,192 Thursday morning

The rupiah’s exchange rate in interbank trade on Thursday morning depreciated by three basis points to Rp 13,192 per US dollar from Rp 13,187 per dollar in previous trade

The Jakarta Post
Jakarta
Thu, May 28, 2015

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Rupiah weakens three points to Rp 13,192 Thursday morning

T

he rupiah'€™s exchange rate in interbank trade on Thursday morning depreciated by three basis points to Rp 13,192 per US dollar from Rp 13,187 per dollar in previous trade.

'€œBank Indonesia is still committed to being continuously present in the domestic foreign exchange market to prevent rupiah volatility from being too high ahead of the FOMC meeting in mid-June,'€ Samuel Sekuritas economist Rangga Cipta said as quoted by Antara news agency.

In general, he said, the dollar still had the potential to continue increasing in value in line with improvements in US economic data.

On the domestic market, according to him, investors were worried about possible inflation, projected to be high over the last two months, ahead of the upcoming Ramadhan fasting month, thereby causing negative sentiments toward the rupiah.

NH Korindo Securities Indonesia research head Reza Priyambada said that the rupiah'€™s movement was hindered mainly by the absence of positive sentiments on the domestic market.

'€œThe rupiah'€™s rate has not been able to move up amid the lack of positive sentiments on the domestic market. Let alone the domestic market being haunted by sentiment over the interest rate increase by the Fed,'€ Reza said.

He hoped the start of several infrastructure projects in the country would help prevent pressure on the rupiah. Infrastructure development is expected to help accelerate domestic economic growth. (hhr)

 

 

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