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Rupiah Strengthens on New President`s Inauguration Day

Jakarta (ANTARA News) – Indonesias rupiah traded at Rp12,044 against the US dollar in interbank transactions here on Monday morning as President Joko Widodo took oath.

The currencys exchange rate grew stronger by about 65 points from its earlier Rp12,109 per US dollar as a result of positive internal and external sentiments, Samuel Sekuritas economist, Rangga Cipta, stated.

The Peoples Bank of Chinas plan to inject liquidity has contributed to the weakening of the US dollar in Asia. Chinas central bank was expected to pour Rp32.7 billion worth US dollars into the market, he affirmed.

Besides that, the rupiah also got stronger as a result of Indonesias favorable political condition ahead of President Joko Widodos inauguration.

The strengthening of the government bonds and the Jakarta Composite Index of the Indonesian Stock Exchange also contributed to making the rupiah stronger, he pointed out.

Indonesia remained largely peaceful as Joko Widodo took oath on Monday morning.

Source : www.antaranews.com, Monday, 20 October 2014