Rupiah Inches Up by One Point at Tuesday's Start  

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  • Ilustrasi rupiah. REUTERS/Supri

    Ilustrasi rupiah. REUTERS/Supri

    TEMPO.CO, Jakarta - Rupiah's interbank exchange rate in Jakarta went slightly up by one point at the start of Tuesday's trading session to Rp12,152 per United States (US) Dollar.

    "Rupiah's movement is rather flat with a slight chance for an uptrend as the Japanese Yen and several other Asian currencies depreciates against the US Dollar," said the Head of Research Woori Korindo Securities Indonesia, Reza Priyambada.

    According to Reza, Rupiah's exchange rate remains in the green as investors are still positively responding to Bank Indonesia's decision to raise its core interest rates to anticipate a rise in inflation caused by the recent cuts to fuel subsidies.

    "It is hoped that the domestic sentiments from within Indonesia could further provide more boost for the JCI to sustain its uptrend," said Reza.

    Furthermore, an analyst from Samuel Sekuritas, Rangga Cipta said that positive news from Indonesia's bond market will help prop up the JCI's uptrend.

    On the other hand, the US Purchasing Managers Index (PMI) - which had recently been announced last night - indicates a slowdown, which is reflected in the depreciation of the US Dollar.

    A revision to the US Gross Domestic Product (GDP) figure is expected to put more pressure on the US Dollar, which may lead to further depreciations of the currency.