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Rupiah strengthens to Rp 13,293
The rupiah interbank trade rate strengthened by 28 basis points to Rp 13,293 per US dollar in Tuesday's morning session from Rp 13,321 per dollar in previous trading
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he rupiah interbank trade rate strengthened by 28 basis points to Rp 13,293 per US dollar in Tuesday's morning session from Rp 13,321 per dollar in previous trading.
Samuel Sekuritas economist Rangga Cipta attributed the rupiah strengthening to corrections following the result of the Greek referendum on that country's bailout.
"The pressure to sell subsided and the impact of the Greek referendum was not too bad so, as predicted earlier, the Greek debt crisis had only a temporary impact to Indonesia," he said as quoted by Antara news agency.
However, Rangga predicted that the rupiah strengthening would be in a limited range as many investors were still worried about the Greek crisis.
"Bank Indonesia is ready to intervene in the financial market if the rupiah faces formidable pressures," he said.
NH Korindo Securities Indonesia chief researcher Reza Priyambada said that the decision to loosen the minimum compulsory loan to funding ration was expected to boost banking industry loans, especially to productive sectors.
"The positive expectation from the policy will likely move the rupiah forward," he said. (hhr)(++++)
