Related News
Jakarta (ANTARA News) - The rupiah closed stronger at Rp8,990 per dollar in the Jakarta interbank spot market late Wednesday on rising demand for the Indonesian currency.

The rupiah rose 17 points to Rp8,990-Rp9,000 per dollar late Wednesday from Rp9,007-Rp9,017 the day before.

Demand for the rupiah increased toward late Wednesday causing the local unit to strengthen against the greenback, Daniel Budi Rahayu, credit director of PT Bank Mega Tbk, said.

"We are optimistic that the rupiah will strengthen further in next Tuesday`s trading as demand for the local unit begins to increase," he said.

Demand for the rupiah came from local investors, he said.

The local investors seemed to be enthusiastic in buying the rupiah, incited by the strengthening of Japanese yen against the dollar, he said.

Analysts had earlier predicted that the rupiah would trade at a level of above Rp9,000 per dollar for quite long time.

Daniel said the rupiah buyups on Wednesday afternoon continued until the evening, causing the Indonesian currency to close stronger at below Rp9,000 per dollar.

Judging by the latest market condition, the rupiah was expected to move up in next week`s trading, he said.(*)

Editor: Heru
COPYRIGHT © 2012

Comment
Send Comment