Rupiah weakens on Monday morning

Jakarta (ANTARA News) - The rupiah in the Jakarta interbank spot market early Friday weakened to more than Rp11,000 against the US dollar after remaining within a range of Rp10,9000 - Rp11,000 per US dollar over the past few days ago.

The rupiah traded at Rp11,100/Rp11,150 per US dollar, down 200 points from Rp10,900/Rp11,000 at the market's close last weekend.

The local currency was under pressure as market players bought the greenback for profit taking, Rully Noba, a foreign exchange analyst of PT Bank Himpunan Saudara Tbk, said here on Monday.

The greenback tumbled in the global market last weekend as investors released US dollars on a prediction that the US employment rate would drop due to the sluggish growth of the US economy, he said.

However, he believed the rupiah was still in a secure position although it was at a level above Rp11,000 per US dollar.

"I think, the rupiah will again advance given the sound national economic indicators, including last December's deflation rate of 0.04 percent," he said.

He predicted the Indonesian currency would strengthen to nearly Rp10,500 per US dollar.

"The rupiah's tendency to gain is quite obvious, it's just a matter of time," he said.
source:antara.co.id