TEMPO.CO, Jakarta-The rupiah interbank rate in Jakarta dropped 68 points to be traded for Rp13.622 per US dollar on Monday morning, May 30, 2016.
Samuel Sekuritas economist Rangga Cipta said the greenback strengthened with signals of an interest rate hike from The Federal Reserve chair Janet Yellen.
However, Monex Investindo Futures' chief researcher Ariston Tjendra said the dollar strengthening will be limited, since investors are "taking a wait and see stance against The Fed's policy."
Rangga also said that the U.S. GDP growth correction in the first quarter this year has pushed the dollar to gain against most global currencies.
For the rupiah, Rangga hopes that the Jakarta Composite Index's (JCI) uptrend and the strengthening of the state bond market, which are attributable to the increasing global crude prices, can guard the rupiah from deeper corrections.
He said that investors' optimism on rupiah-denominated assets is likely to increase over hopes that the tax amnesty law will be ratified soon, as well as the scheduled release of the domestic inflation data on June 1.
ANTARA