Rupiah ends at 8-week low on dollar demand<\/p>\n
The rupiah closed at an eight-week low on Friday on rising
\ndollar demand from local companies to pay offshore obligations at
\nthe end of the month.<\/p>\n
The dollar closed at Rp 9,320, up from its close of 9,290
\nThursday and its highest closing level since June 30, when it
\nended at 9,395.<\/p>\n
A correction in the dollar against most Asian currencies,
\nhowever, slowed down its rise versus the rupiah, dealers said.<\/p>\n
\"Most offshore players sold the dollar on rises,\" said a
\ndealer with a foreign bank.<\/p>\n
Dealers said there was no sign of Bank Indonesia's
\nintervention in the market Friday to help the rupiah. The central
\nbank was suspected of selling the greenback on Thursday via state
\nbanks.<\/p>\n
Dealers expect the dollar to trade in a higher range on Monday
\nbetween 9,290 and 9,350 as more local companies are likely to buy
\ndollars for month-end debt repayments.<\/p>\n
Dealers also expect local companies to accumulate dollars in
\nthe near term as the political temperature rises ahead of the
\npresidential runoff Sept. 20.<\/p>\n
Meanwhile, shares ended higher, led by gains in carmaker Astra
\nInternational on its plan to launch a new multipurpose vehicle in
\nSeptember and bid for a Bank Permata stake, dealers said.<\/p>\n
Gains in most Asian markets and easing oil prices provided
\nsupport to the local bourse for a further rebound, they added.<\/p>\n
\"The market recovered from losses earlier this week,\" said a
\ntrader with a local securities firm.<\/p>\n
The Jakarta Stock Exchange Composite ended up 11.506 points,
\nor 1.6 percent, at 746.760. Gainers led decliners 79 to 25, with
\n71 stocks unchanged. Volume was 592 million shares valued at Rp
\n580 billion.<\/p>\n
Carmaker Astra International was up Rp 300, or 4.9 percent, at
\nRp 6,400 on expectations that its tie-up with Standard Chartered
\nto buy Bank Permata will boost its future financial outlook.<\/p>\n
Dealers said they expect the market Monday to remain higher on
\na further buying in select blue chips. -- Dow Jones<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/rupiah-ends-at-8-week-low-on-dollar-demand-1447893297",
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"sponsor": "Okusi Associates",
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