Wednesday, September 1, 2010
Rupiah Strengthens Against US Dollar
Source: ANTARA News


Jakarta - The rupiah slightly strengthened against the US dollar in the Jakarta interbank spot market here Wednesday morning.

The Indonesian currency traded Rp9,023-Rp9,033 per US dollar, up seven points from Rp9,030-Rp9,040 per US dollar at the market`s close a day earlier.

Kostaman Thayib, retail banking director of PT Bank Mega Tbk, said the stock market was sluggish as investors were still waiting for the latest developments of the global economy.

"We believe that the rupiah will move upward further on Wednesday afternoon, as profit taking moves by releasing the US dollars will continue," he said.

The rupiah would likely remain at the level of above Rp9,000 per US dollar in line with the government`s wish to guard the export earnings, according to him.

Meanwhile, the Composite Stock Price Index at the Indonesian Stock Exchange here Wednesday morning got off to a strong start on buying activity.

The JKSE index slightly went up 14.870 points or 0.44 percent to 3,097.470 and the LQ-45 index gained 3.084 points or 0.51 percent to 584.407 points.

Among top gainers at the Indonesian bourse were state telecommunication company PT Telkom shares that rose Rp150 to Rp8,800, state-owned bank BRI shares that gained Rp100 to Rp9,400, private bank BCA shares that climbed Rp50 to Rp5,850, and state-owned gas supplier P gas shares that increased Rp25 to Rp4,025.