Rupiah's stability maintained ahead of Eid al-Fitr long holidays

Rupiah's stability maintained ahead of Eid al-Fitr long holidays

Jakarta (ANTARA) - Data from the Jakarta Interbank Spot Dollar Rate on Wednesday morning indicated that the Indonesian rupiah stayed relatively stable ahead of the Eid al-Fitr long holidays.

Economist from Samuel Assets Management Lana Soelistianingsih remarked here on Wednesday that the market is prepping to face the long holidays in early June 2019.

"The rupiah appears to have become relatively stable in the midst of the market's sluggish activity prior to the long holidays," she pointed out.

On Wednesday morning, the rupiah opened weak, plunging 11 points, or 0.08 percent, to Rp14,386 per US dollar, from Rp14,375 per US dollar.

Soelistianingsih pointed to the potential of the rupiah appreciating in an entire day as influenced by external sentiment of some Asian currencies that strengthen against the greenback.

"Some major Asian currencies, such as the Japanese yen and Singaporean dollar, that opened higher against the US dollar could lend a positive sentiment for the rupiah to also appreciate," she remarked.

The economist has forecast that the rupiah today will hover around Rp14,350 to Rp14,370 per US dollar.