Wed, 27 Sep 2006
Rupiah`s weakening no reason for worry, says BI executive

Jakarta (ANTARA News) - Bank Indonesia (BI) Deputy Senior Governor Miranda S Goeltom said there was no reason to worry about the current weakening of the rupiah`s exchange rate against the US dollar as it was only a temporary developent.

"A slight weakening of the rupiah is not a problem as it had been strengthening over a long period of time before that," she said at a consultative meeting with Commission XI of the House of Representative here Tuesday.

She attributed the dwindling rupiah`s exchange rate to such external factors as the coup in Thailand and the regional currencies exchange rates.

There was no capital outflow but capital inflow so that the rupiah was not facing any major problem, she said.

There was a positive sentiment for the rupiah?s exchange rate since a rating agency in Singapore decided that Indonesia was a country that was immune to oil price hikes to whatever level the price rose. .

"That`s why, I see no reason for worry about the rupiah?s exchange rate," she said.

The rupiah`s exchange rate against the greenback at the inter-bank spot market here Monday sharply decreased to Rp9,210/9,235 compared to the closing session last week which was recorded at Rp9,160/9,175 or dropped by 50 points due to rising individual and corporate purchasing action.

However, the rupiah?s exchange rate against the US dollar at the inter-bank spot market here Tuesday raised to Rp9,234/9,240 compared to the Monday?s closing session which was recorded at Rp9,185/9,248 or increasing by 8 points.

Meanwhile current short-term capital flow to Indonesia was recorded at US$7 billion.(*)



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