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The rupiah interbank trade rate in Thursday's first trading session appreciated by 7 basis points to Rp 12,778 per US dollar from Rp 13, 048 per dollar in previous trade.
According to Chief Researcher of NH Korindo Securities
Indonesia, the rupiah exchange rate continued positive movement as a result of
improvement in the absorption of the government securities auction, which
resulted in the bid-to-cover ratio being bigger than sales.
More than that, he said, the release of inflation data for
March, which reached 0.17 percent or lower than the projection of 0.43 percent
and a consensus of 0.19 percent, also sparked positive sentiment toward the
domestic currency.
The rupiah rate tended to strengthen thanks to the existing
sentiment. However, it should be closely monitored in case of pullback. The
rupiah had shown strength as US employment data missed expectations. The
manufacturing PMI [purchasing managers index] fell to its lowest level over the
last 14 months
According to him, the deteriorating US data confirmed the US
Federal Reserve’s statement in which it said that it would not be aggressive in
raising its interest rate this year. This situation will result in the
continued fall of the dollar in the Asian region today.
Reference:
en.wikipedia.org
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