TEMPO.CO, Jakarta- Binaartha Sekuritas analyst Muhammad Nafan Aji Gusta expected the rupiah to experience an uptrend next week or from July 9 to 13. Nafan projected the rupiah to trade between 14,215 and 14,450 per US dollar.
"Technically, the US dollar's movement against the rupiah in the weekly chart has started showing signs of overbought," Nafan said on July 8.
An overbought sentiment, he said, could provide a chance for the rupiah to rebound.
According to Nafan, positive sentiments helping the rupiah upwards include domestic macroeconomics data such as the consumer confidence index, and the brought outlook over retail sales.
Nafan says that investors need to remain wary of the US-China trade war issue, as well as dats from China, Germany, France, and the UK. Additionally the US crude oil inventories will also affect the greenback movement.
Bank Indonesia's website on Friday showed the Jakarta Interbank Spot Dollar Rate (JISDOR) closed Friday at Rp14,409 per US dollar.
On July 6, the US dollar was sold for Rp14,481 and bought at Rp14,337.
MUHAMMAD HENDARTYO
