Rupiah get stronger against dollar
Forex August 5th, 2009
Rupiah exchange rate against U.S. dollar in the Jakarta interbank spot market on Thursday (7 / 1) afternoon at the position is still strong Rp9.245 per dollar, but the increase is slightly down compared to the morning, as market participants ahead of the closure to reduce activity.
The rupiah against the dollar rose to Rp9.227-Rp9.237 per dollar compared to the previous day’s closing Rp9.245-Rp9.255 or up 18 points.
Retail Banking Director of PT Bank Mega Tbk, Kostaman Thayib in Jakarta Thursday said the rupiah is still likely to rise again, because the ‘hot money’ that comes into the money markets remains high.
The amount of ‘hot money’ that foreigners detained by the intervention of Bank Indonesia (BI) held its speed further rupiah, he said.
Rupiah, according to him is likely to be reached Rp9.000 per dollar, but it will not last long, because market participants will again take it off.
Rupiah at that position will not last long only for a moment, but at the level of achievement Rupiah Rp9.000 will contribute significantly, he said.
BI himself, he admitted that further increase in dollars in the last two-three days were above normal. This happens because foreign capital inflows into money market big enough, he said.
Nevertheless, he continued possibility BI was prepared to continue to enter the market, so that a positive pressure against rupiah decreased.
Indonesia market is good enough is a factor that is also attractive to foreigners to keep playing in the money market, he said
