Mon, 21 Jan 2008
Jakarta (ANTARA News) - The Indonesian rupiah was weaker against the US dollar in midmorning trade Friday on increased fund outflows following recent selloffs in the stock market.

At 10:05 am, the rupiah was trading at 9,475/9,480 to the dollar, down 0.4 percent from late Thursday.

Bank Indonesia, the country's central bank, has been very active in defending the local currency in the past few days, said Alberami Zulkarnain, an analyst at Bank Negara Indonesia (BNI) treasury research.

This is a departure from its stance in the first few days of this year when the BI tended to allow the rupiah to remain weak to support Indonesian exports, Zulkarnain was quoted by Thomson Financial as saying.

Local stocks have been hit by heavy losses in recent days, mirroring sharp falls in other markets around the world, on fears that the US is headed for a recession given bleak economic data recently.

The recent capital outflows from the stock and bond markets could further weaken the rupiah, driving the local unit to test the psychologically important level of 9,500 rupiah per dollar, he said. (*)



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