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Rupiah slips to Rp 14,072 on Tuesday morning
(Antara/Ismar Patrizki)The rupiah exchange rate continued to depreciate on Tuesday morning as uncertainties prevailed over local and global market conditions
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(Antara/Ismar Patrizki) (Antara/Ismar Patrizki)
(Antara/Ismar Patrizki)
The rupiah exchange rate continued to depreciate on Tuesday morning as uncertainties prevailed over local and global market conditions.
The rupiah weakened slightly by 5 points to Rp 14,072 per US dollar from Rp 14,067 earlier.
'The market players are still in the 'wait and see' mode, waiting for the release of inflation data that will be published by the Central Statistics Agency today,' head of research Korindo Securities Indonesia Reza Priyambada said as quoted by Antara news agency.
He predicted that the rupiah would strengthen should the inflation data be lower than expected.
'It is expected that the investors remain cautious on the continued depreciation of the rupiah especially if the inflation rate is not as low as expected,' he said.
Mandiri Sekuritas analyst Leo Rinaldy said that August's inflation rate would stand at 0.63 percent, or lower than the July figure of 0.93 percent. However, the year-on-year inflation rate, he predicted, would increase from 7.26 percent to 7.63 percent.
Apart from the inflation rate, Reza said that the fate of the rupiah also depended on next week's global manufacturing data. He added that the market had expected that the data would hurt the rupiah, as the slowing down of the economy would encourage people to choose US dollars over other currencies. (ika)(++++)
