Rupiah strengthens 24 points to rp13,872 per dollar on monday morning

Jakarta (ANTARA News) – The rupiah strengthened 24 points to trade at Rp13,872 per dollar in the Jakarta inter-bank spot market on Monday morning.

“The rupiah strengthened again as a result of the appreciation of the euro after a political standoff in Italy has shown signs of abating,” Binaartha Sekuritas analyst Reza Priyambada stated here on Monday.

A statement by a foreign financial institution that the appreciation of the dollar against the rupiah will not last long has also helped the rupiah to appreciate, he pointed out.

Morgan Stanley once stated it seemed that the 10-year US Treasury will not continue to stay at above three percent and will decline to 2.85 percent in the second quarter of 2019, he noted.

Hence, appreciation of the US dollar against other global major currencies will end soon, he remarked.

The appreciation of the rupiah against the dollar is expected to continue along with positive sentiments about the domestic market, he stated.

However, the release of the US manpower data and the reduction of the US unemployment rate is expected to cause the dollar to strengthen again, he added.

The rupiah is projected to move in a support range of Rp13,910 per dollar and a resistant support of Rp13,820 per dollar.

Source: ANTARA News