Wed, 17 May 2006
May 17 10:38

Bank Indonesia : No fundamental reasons for rupiah to "continously fall"

Jakarta (ANTARA News) - Central Bank Indonesia governor Burhanuddin Abdullah said the market perceives no fundamental reasons for the rupiah to "continuously fall".

Since the recent weakness in the local currency, some fresh foreign funds of about 200 mln usd have flowed back into the market, Burhanuddin was quoted by XFN-Asia as saying.

"There are some inflows for buying government bonds and Bank Indonesia Certificates (SBI). Some exporters have also started to sell dollars for purposes of taking profit," Abdullah told reporters.

"They see no fundamental reasons for the rupiah to continuously fall," he added, referring to foreign fund managers and exporters.

Over the past month until the end of last week, the rupiah had been consistently rising against the dollar past the 9,000/usd level to a high of 8,700, until a sudden drop on Monday drove it to a low of 9,400 yesterday on fears of a reverse in hedge funds inflows. The unit, however, has since bounced back to nearer the 9,000 level today.

Abdullah reiterated that Bank Indonesia will continue to monitor the market.

"We have seen a pick-up (in dollar demand) recently and I think BI has responded to that, on Monday," he said, referring to the central bank's market intervention.

As of 10:25 am, the rupiah was at 9,065/9,075 to the dollar. (*)



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