Rupiah Opens Strong with 12-bps Gain

The rupiah opens this week`s trade with a 12-bps gain or 0.09 percent to Rp13,766 per US dollar. Analysts said the rupiah will maintain this appreciation due to a number of positive sentiments.

Binaartha Sekuritas analyst Muhammad Nafan Aji Gusta said the market is still euphoric over March’s forex reserves announcement of US$126 billion, providing a positive catalyst for the rupiah.

External factors contributing to the rupiah gain includes the US non-farm payroll data in March, which fell below investors’ expectation.

Additionally, the trade war between America and China—amplified by The Federal Reserve’s plan to increase interest rates, become things that the global markets need to pay attention to.

For today’s trade, Nafan projects the rupiah to move between 13,760 and 13,785 per US dollar.

Courtesy : Tempo.co
Photo : Ganlob.com

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