Rupiah gains on falling dollar ahead of U.S. mid term election

Jakarta (ANTARA News) – The Indonesian currency rupiah opened stronger against the U.S. dollar on large dollar sales amid U.S. mid term election, analysts said.

Rupiah traded at the level of 14,892 per dollar gaining from previous level of 14,976 in inter bank transaction Tuesday morning.

Senior analyst of CSA Research Institute Reza Priyambada said the U.S. dollar weakened on big sales of the U.S. currency ahead of the U.S. midterm elections.

“Under the condition , rupiah strengthened on weak dollar,” Reza said.

Reza predicted rupiah would hovered around the level of 14,983 – 14,969 per dollar on Tuesday.

In addition, the Indonesian economic growth of more than expectation contributed to strengthening rupiah.

The Central Bureau of Statistics said the countrys economy grew 5.17 per cent in the third quarter of this year exceeding observers prediction of 5.14 percent.

The third quarters growth was the highest since 2014 or under the government of President Joko Widodo.

The government consumption in the third quarter of 2018 contributed significantly to the countrys economic growth.

Source: ANTARA News