TEMPO.CO, Jakarta - Rupiah's interbank exchange rate in Jakarta on Tuesday morning inched lower by one point to begin trading at Rp12,156 per United States (US) Dollar - down from its previous position at Rp12,155 per US Dollar.
The Head of Research at Monex Investindo Futures, Ariston Tjendra, said on Tuesday that Rupiah's fluctuations is relatively steady despite numerous positive indications of economic recovery in the US. "The US Dollar began trading in Asia this morning on an uptrend, despite having slipped under pressure on Monday, as market players began to re-invest in US Dollars," said Ariston as quoted by Antara News.
Ariston added that despite a disappointing US labour growth figure, the overall picture of the state of the US labour force still indicates a positive trend, which in turn signifies a steady recovery of the US economy.
"Investors still see the US Dollar as a "safe haven" which holds up its value quite well in the face of a slowing global economy. Plus, the US economic fundamentals still leaves some room for the Dollar to continue its' uptrend," he said.
The Head of Research at Woori Korindo Securities, Reza Priyambada, said that the buzz surrounding the possible interest rate hike by Bank Indonesia (BI) amidst the government's plan to cut fuel subsidies gives the Rupiah some boost which have helped it stave off further losses in the face of an appreciating US Dollar. Combined with an improving trade figure from China, the Rupiah has a real chance of climbing in the next couple of days.
"The Rupiah is consolidating its position at the moment. Although it is still prone to market volatilities, it is hoped that the Rupiah can remain stable for the time being," said Reza.
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