Rupiah Recovers to Rp12,400 at Monday's Close
22 December 2014 19:32 WIB
TEMPO.CO, Jakarta - The rupiah interbank exchange rate in Jakarta on Monday evening continued to recover as market players begin to hold off on their transactions as the holiday season nears and the year draws to a close.
The rupiah trades at Rp12,400 per United States (US) dollar, up by 97 points from its previous closing position in the previous week at Rp12,497 per US dollar.
"The rupiah is appreciating despite the decreasing amount of transactions as the year draws to an end," says Ariston Tjendra, an analyst for Monex Investindo Futures, who added that transaction volume would begin to rise again after the New Year holiday period ends.
"That said, the rupiah's uptrend will remain limited as investors are still cautiously evaluating the prospects for global economic growth in 2015," said Ariston.
The head of research at Woori Korindo Securities, Reza Priyambada, added that Bank Indonesia's (BI) commitment to keeping the rupiah between Rp11,900-Rp12,300 per US dollar was providing the rupiah the boost it needed to sustain an uptrend.
"BI's active interventions, coupled with the Fed's decision to maintain its interest rates for the time being are helping the rupiah to recover from its previous losses," said Reza.
ANTARA