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Rupiah retreats to 14,000
A female staffer displays rupiah in a money changer
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A female staffer displays rupiah in a money changer.: (Illustration: Antara/M. Agung Rajasa) (Illustration: Antara/M. Agung Rajasa)
A female staffer displays rupiah in a money changer. (Illustration: Antara/M. Agung Rajasa)
The rupiah weakened 0.88 percent to Rp 14,016 per US dollar in the spot market at Wednesday's close as a result of the slowing Chinese economy.
PT Monex Investindo Futures researcher and analyst Vidi Yuliansyah said Asian markets reacted negatively to China's November inflation rate, which increased to 1.5 percent from the previous 1.3 percent.
'The figure is not significant enough and far from an indication that recovery is happening in the Chinese economy. When confidence in Chinese economy drops, Asian markets are impacted,' Vidi said as quoted by Kontan.co.id on Wednesday.
Previously, China released disappointing trade data for November, with its trade surplus decreasing from 393 billion yuan to 343 billion yuan. Its imports and exports were also down 5.6 and 3.7 percent, respectively.
At the same time, China's foreign reserves dropped by US$ 87.2 billion, which created woes in Asian money markets, including in Jakarta.
'Due to the public holiday [and Bank Indonesia's closure], the external pressure was unstoppable,' said Vidi. (ags)
