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Jul 19, 2011

Tuesday Rupiah corrected Smaller From Previous

Yet the emergence of positive news from the global push market participants took off dollars and buying dollars, but the selloff was relatively small so that the local currency corrected thinner than the previous session.
The rupiah exchange rate against the U.S. dollar Tuesday afternoon in the Jakarta interbank spot market fell nine points to Rp8.559 per U.S. dollar compared to the previous position Rp8.548.
Retail Banking Director of PT Bank Mega Tbk, Kostaman Thayib here on Tuesday said that market participants are more likely to consolidate rather than buying dollars.
"We are optimistic that the correction of dollars is only temporary, because the opportunity to bounce back big enough that triggered the re-entry of foreign fund flows," he said.
According to him, slowing down the activity of market participants, because they focus on negative news about the financial crisis in Europe and the U.S. are more interested in placing funds in currencies that are considered strong.
"The U.S. dollar was one of a strong currency in times of crisis, although U.S. dollars are also shadowed by the pressure due to the threat of debt downgrades by rating agencies the U.S. debt," he said.
He said market players are also still seeking a safe haven outside the U.S. dollar overshadowed by negative sentiment as gold, the Japanese yen and Swiss franc.
Observers of financial markets from PT First Asia Capital, Ifan kurniawan estimate, the rupiah depressed because investors are beginning to respond to developments concerning the U.S. debt ceiling is still no bright spots.
"Fears of impending crisis investors will create market pressure in the U.S. and Europe is likely to spread to Asian markets today," he said.
That way, the rupiah has the potential to continue weakening against the U.S. dollar in trading today.
Meanwhile, Director of Finan Corpindo Nusa, Edwi Sinaga, said the correction on the rupiah, as market players worried about the turmoil in the debt crisis of the U.S. and Europe will impact on Asia.
Despite the current Asian economic region grew well, but if it continues then the debt crisis in turn will affect the continuation of the Asia economies, he said.