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Rupiah strengthens to 13,200 per dollar Wednesday afternoon
The rupiahâs exchange rate in interbank trade in Jakarta on Wednesday afternoon strengthened by 10 points to Rp 13,200 per US dollar from Rp 13,210
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he rupiah's exchange rate in interbank trade in Jakarta on Wednesday afternoon strengthened by 10 points to Rp 13,200 per US dollar from Rp 13,210.
'The US dollar was pushed down along with optimism over a debt draft agreement between Greece and its international creditors. ['¦] This managed to ease worries of financial markets in the eurozone, which spread to Asia, including Indonesia,' PT Monex Investindo Futures analyst Agus Chandra said as quoted by Antara in Jakarta on Wednesday.
The analyst further said that Asian financial markets also responded positively to the Purchasing Managers' Index (PMI) data of the Chinese service sector, which stood at the level of 53.5. This level
was quite comfortable, he said.
Agus said Australia's gross domestic product (GDP) data was also better than expected and had a positive impact on its neighboring countries.
He further said technical factors also helped push down the US dollar against several currencies, including the rupiah, after they rallied.
The analyst said the markets would keep an eye on global
economic data, including the US employment report, trade balance and the decision on the European Central Bank's (ECB) interest rate.
Samuel Sekuritas economist Rangga Cipta said the rupiah's appreciation needed to be watched closely following an increase in the German Bund yield, early on Wednesday.
He said the situation must be paid close attention to because it could trigger increases in government bonds' (SUN) yields, which could trigger foreign fund outflows.
'The rupiah is holding up as the US dollar tends to be under pressure in Asian markets,' said Rangga.
Bank Indonesia's median rate recorded the rupiah strengthening to Rp 13,196 per dollar on Wednesday from Rp 13,230 the previous day. (ebf)(+++)
