The rupiah's (strengthening) was fueled by the US dollar's depreciation against several other currencies.Jakarta (ANTARA) - The Indonesian rupiah strengthened against the greenback in the Jakarta interbank spot market early this week over low domestic demand for foreign currencies.
Indonesia's currency stood at Rp14,551, appreciating 81 points, or 0.56 percent, against the US dollar at 9:53 a.m. local time on Monday as compared to Rp14,632 earlier.
The rupiah has shown a strengthening trend since last week, Bank Mandiri analyst Rully Arya Wisnubroto stated here on Monday.
"The rupiah's (strengthening) was fueled by the US dollar's depreciation against several other currencies," he remarked.
On the global front, the US Federal Reserve's insistence on applying an accommodative monetary policy was one of the factors causing appreciation of the rupiah.
Meanwhile, the low domestic demand for foreign currencies had added to the rupiah's appreciation, he remarked.
Wisnubroto has projected the rupiah to trade within the range of Rp14,600 to Rp14,690 per dollar on Monday.
The rupiah rose 28 points, or 0.19 percent, to close at Rp14,632 per dollar last Friday, from Rp14,660 per dollar earlier. EDITED BY INE
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Translator: Citro Atmoko/Suharto
Editor: Fardah Assegaf
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