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Investors Seek Solace in US Dollar

2 May 2013 18:13 WIB

TEMPO/Eko Siswono Toyudho

TEMPO.CO, Jakarta - As the US dollar appreciates ahead of the Federal Reserve's meeting, the rupiah weakens. In yesterday's money market, the rupiah edged down by 0.01 percent against the US dollar.

Money market analyst from Bank Saudara, Rully Nova, said the rupiah weakens from the lack of positive sentiment in the financial markets and the sluggish trading activity that stemmed from the protests on yesterday's Labor Day.

"Market participants are still cautious and tend to seek solace in the US dollar as a safe haven," he said.

Indonesia's improved trade balance in March--which posted a surplus of US$ 304.9 million-- could actually be a catalyst for the domestic currency to strengthen. However, the overall first quarter trade balance is still at a deficit of $67.5 million, providing little help for the rupiah to appreciate.

Additionally, market participants are still waiting for the result of The Fed's FOMC meeting held Wednesday night. The Fed is reported to plan on cutting the budget for financial assets purchase from $85 billion to $ 50 billion per month, starting the fourth quarter of 2013.

"This cutting of the stimulus budget will lower the foreign funds flowing into emerging markets, resulting in pressure on their currencies," Rully said.

Investors are also waiting for the release of US' manufacturing data which is feared to be at a negative. Moreover, the US' previous GPD data only showed a 2.5 percent growth, below the market expectations of 3.1 percent.

Today, it would still difficult to hold out the dollar appreciation, thus the rupiah is expected to remain between Rp9,730 to Rp,9750 per dollar. However, Bank Indonesia (BI) will keep a watch on the money market to prevent the rupiah from weakening further.

PDAT | M AZHAR



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