Rupiah gains stronger ground<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
The rupiah surged to breach the 10,000 level against the U.S.
\ndollar on Wednesday trading, as corporate demand for the foreign
\nunit declined ahead of year's end, dealers said.<\/p>\n
Players taking profit on the weak dollar dragged the rupiah
\nback to old territories albeit at 10,210 still higher than
\nTuesday's closing at 10,220<\/p>\n
The rupiah's sharp gains marked a turnaround for the battered
\nlocal unit, which has been hovering at above 10,000 since last
\nOctober.<\/p>\n
Bank Indonesia Governor Sjahril Sabirin attributed the
\nrupiah's recent surge on an upswing in market sentiment.<\/p>\n
He said the market took confidence in the rupiah following the
\nsuccessful sales of two state companies.<\/p>\n
These were the telecommunication firm PT Telkom Indonesia,
\nwhich sold for some US$300 million, and plantation firm PT
\nSocfindo, which sold for around $40 million.<\/p>\n
Sjahril said the central bank had intervened in the money
\nmarket, but added the amount had been too insignificant to have
\nhelped the rupiah much.<\/p>\n
The Indonesian Bank Restructuring Agency (IBRA) was also seen
\nconverting dollars from the proceeds of its asset sales program.<\/p>\n
IBRA secured several large deals this month as it went after
\nits target to raise Rp 27 trillion (about $2.64 billion) in
\ncash.4<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/rupiah-gains-stronger-ground-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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