Market Concerns over US Economy; Rupiah Expected to Gain



Petir Garda Bhwana

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  • TEMPO.CO, Jakarta - The rupiah exchange rate for this week is predicted to strengthen, as the market is shrouded with concerns about the economic recovery in the United States. On Monday at 9:48 Jakarta time, the rupiah gained 22 bps or 0.15 percent to trade for Rp14,713 per US dollar.

    Ariston Tjendra, head of research and education at Monex Investindo Futures, said that the rupiah has the potential to gain further against the greenback today.

    "We can see that this morning the regional exchange rate strengthened against the US dollar, following concerns over the US market's unstable recovery efforts, plus the lengthy negotiations between the Republic and the Democrats regarding the stimulus package," Ariston said in Jakarta, Monday.

    According to Ariston, this week the market will continue to keep an eye on situations and data in America.

    He estimated that, for this week, the rupiah will move between Rp14,600 and Rp14,950 per US dollar.

    Read also: Rupiah Comes Under Pressure as US Economic Data Improves