KOMPAS.com - The rupiah strengthened against the US dollar in the Jakarta interbank spot market here on Monday morning as investors actively bought the local unit to purchase shares at the Indonesian Stock Exchange (BEI). The Indonesian currency traded Rp9,145-Rp9,155 per US dollar, up 35 points from Rp9,180-Rp9,190 at the market’s close a day earlier.
There were many positive factors which bolstered the rupiah’s appreciation until it reached the level of below Rp9,150 per US dollar, Farial Anwar, a domestic money market observer, said. Foreign investors still considered Indonesia a more profitable market than in some other Asian countries, he said.
They particularly grabbed the government’s bonds and Bank Indonesia’s certificates which transactions went up from day to day, he said. "We are optimistic that the rupiah still has a big chance to reach the level of Rp9,000 per US dollar," he said.
Foreign investors preferred to be active in Indonesia’s market than those in the United States and Europe because the US and Europen economy were still uncertain, he said. He believed that it would be better for the rupiah to move upward gradually in order not to negatively affect the country’s exports.
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