Rupiah Gains Against US Dollar
18 November 2014 09:24 WIB
TEMPO.CO, Jakarta - The Indonesian currency rupiah regained some of its lost value against the US dollar in the closing trade on Monday, as reported by Antara News.
The currency traded at the level of 12,180 per dollar gaining from earlier level of 12,200 per dollar.
"The rupiah gained in expectation that the government would raise the price of subsidized oil fuels (BBM) before the end of this year," Monex Investindo Futures analyst Zulfirman Basir said.
Zulfirman said the market players hoped that the prices of subsidized BBM would be raised immediately that the current account deficit would be reduced.
"In addition, the investors would have greater confidence in the future condition of countrys economy," he said.
"However, the rupiah gained was limited with some investors still wary of how much the government would raise the BBM prices," he added.
He said the weakening of dollar facing yen also gave positive sentiment for rupiah to gain in the first day of the week.
Investors sold dollar for profit after the U.S. currency gained significantly over the yen earlier.
ANTARA NEWS
