Rupiah Recovers by One Point at Wednesday's Start
4 March 2015 15:30 WIB
TEMPO.CO, Jakarta - The rupiah interbank exchange rate in Jakarta at the start of Wednesday's trading session went slightly up by one point to begin trading at Rp12,961 per United States (US) dollar—up from its previous position at Rp12,962 per US dollar.
An economist for Samuel Sekuritas, Rangga Cipta, said that the US dollar was experiencing some pressure across Asia, which prevented the rupiah from continuing its downtrend against the greenback. "The rupiah could possibly enter a limited uptrend against the US dollar," he said.
Rangga said that the US dollar was depreciating against the world's currencies as the US latest automotive manufacturing data failed to meet the market's expectations.
Meanwhile, positive economic performance figures from the Eurozone, which include the increasing number of retail sales from Germany, are also adding to the pressure on the US dollar.
"However, generally speaking the US dollar is still in its uptrend phase against the world's currencies—including the rupiah," said Rangga.
The lead researcher for NH Korindo Securities Indonesia, Reza Priyambada, said that data surrounding the US construction purchases and manufacturing indexes, which were currently showing signs of a decline, were also causing the greenback to depreciate.
Economic data from the US, continued Reza, were being used as references by investors as cues to start engaging in profit-taking in light of the greenback's recent appreciation.
Reza said that the rupiah's appreciation was expected to remain only for a short while, and he hoped that some positive sentiments from the domestic sphere so the rupiah could appreciate against the greenback.
"We hope that Indonesia's positive economic performance could boost the rupiah value against the greenback in the future," said Reza.
ANTARA