December 31, 2010

Rupiah Remain Its Stability Againts US Dollar

The rupiah against the U.S. dollar (U.S.) in the Jakarta interbank spot market on Friday (31/12/2010) morning tends to endure, and still at the level of Rp 8,990 to Rp 9,000 per U.S. dollar, due to market activity very quiet.

Analyst with PT First Asia Capital, Irfan Kurniawan, in Jakarta on Friday, said that the rupiah is almost not moving, because almost all businesses have left the market. "Trade is still happening, but only a small portion followed by actors that do not affect the market movements," he said.

According to him, trading in money market trader who attended only want to know the position of the rupiah after previously had been in the position of Rp 8965 per U.S. dollar on Thursday afternoon.

Bank Indonesia (BI), see the position of the rupiah at that level immediately intervened in the market by buying dollars, so the increase in dollars rather restrained and almost approached the level of Rp 9,000 per U.S. dollar.

Amount likely will not move away and stay within a narrow range, because there is no market driving factors. "We are optimistic the rupiah still remain in the position of Rp 8,990 per U.S. dollar until the close of the market," he said.

He said the increased dollars that are under the rate of Rp 9,000 per dollar is actually a surprise, because BI has been set above that level. But the influx of foreign capital flows triggered in thin trade rupiah bounce back, to far below the rate of Rp 9,000 per U.S. dollar.

"BI which now has foreign reserves of almost 100 billion dollars immediately anticipate the intervention so that the dollars are not being away from Rp 9,000 per U.S. dollar," he said.
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