Rupiah Slightly Rises against Dollar on Thursday Evening

The rupiah still has the chance to continue its rally against the dollar.

Jakarta, MINA – The Indonesian rupiah rose slightly to Rp13,322 against the dollar in the Jakarta inter-bank spot market on Thursday evening as compared to the previous close of Rp13,323.

The rupiah traded relatively flat as investors awaited the European Central Bank (ECB) and the Bank of Japan (BOJ) to announce their monetary policies, Antara News quoted Monex Investindo Futures analyst Putu Agus Pransuamitra as saying here on Thursday.

“The monetary policies of the two central banks have drawn attention from global market agents, including domestic ones so the movement of the rupiahs exchange rate in the foreign currency market is limited,” he said.

Hopefully, the two central banks will continue to apply expansion policies in response to low inflation rates in the two regions to boost economic growth, he said.

As such, the rupiah still has the chance to continue its rally against the dollar. Moreover, the political situation in the US is not quite conducive after US President Donald Trumps government failed to pass a new health law, he said.

Binaartha Sekuritas analyst Reza Priyambada said the movement of the rupiahs exchange rate is limited as investors awaited Bank Indonesia to announce BI 7-Day Repo Rate.

He expressed hope that sentiments towards credit rating agency Fitch Ratings affirmation of Indonesias investment grade will cause the rupiah to appreciate against the dollar further. (T/RS5/RS1)

Mi’raj Islamic News Agency (MINA)