Rupiah Predicted to Move Between 13,350-13,450/US$
13 October 2015 07:24 WIB
TEMPO.CO, Jakarta-The rupiah is predicted to move thinly between the Rp13,350 and 13,450 level per US dollar on Tuesday, October 13.
Maybank Indonesia economist Myrdal Gunarto said the statements of high-ranking US central bank officials such as Charles Evans and Dennis Lockhart, became dominant factor in affecting movement of the US dollar.
The rupiah rose 4 points or 0.03 percent on Monday, to a level of Rp13,407.5 per US dollar.
The increase in the rupiah exchange rate started to slow down due to the lack of new positive sentiment.
According to Myrdal, rupiah entered a phase of overbuying. Investors without reason to continue accumulating rupiah eventually chose to reduce purchases for a while. "Naturally, the rupiah appreciation has been too sharp during the last few days," he said.
Myrdal said, mid-month, demand the dollar is relatively high. The needs of corporations and listed companies to import raw materials and pay short-term obligations begin to erode the availability of dollars in the domestic market.
On the other hand, investors began to anticipate the release of economic data domestically and overseas this week. To reduce the risk of losses, investors reduce their rupiah portfolio.
"Investors are worried about the rate of inflation and US retail sales could reduce delays optimism the Fed's rate," he said.
MEGEL JEKSON