TEMPO.CO, Jakarta – The rupiah reversed course after rallying since the end of last week following Prabowo Subianto's "withdrawal" from the election process, alleging massive fraud by the Elections Commission (KPU).

Said just two hours before KPU's scheduled announcement of the final tally and the declaration of a new president, Prabowo's statement slammed the rupiah; pushing it to close 34.3 points (0,30 percent) lower at 11.606,3 per US dollar.

Monex Investindo Futures analyst Daru Wibisono said amidst investors' week-long optimism of a new president, Prabowo's stance serves as a negative sentiment to the rupiah movement.

The market, fearing a delayed declaration of Jokowi's official appointment as Indonesia's new president—causing new uncertainties—decided to sell their rupiah-denominated assets.

Daru predicted the rupiah will remain corrected today, moving between 11.560 to 11.660 per US dollar.

"Technically, the rupiah is still mowing within that phase," he said.

Nevertheless, the slightly easing tensions in Gaza and Ukraine may help the rupiah maintain its positive rate. The declining demand for US dollar as a safe haven is also allowing the domestic market to keep the greenback liquidity afloat.

MEGEL JEKSON