In the absence of bad news from Euro zone, market players began to focus their attention on a meeting of European finance ministers to be held later this week, Johanes Ginting of Monex Investindo Futures said.
"The meeting is expected to discuss expansion of bailout funds to some European countries," he said.
The rupiah traded at Rp9,170 per dollar in the Jakarta interbank spot market on Monday evening compared to Rp9,190 per dollar at the weekend.
Ginting said the Japanese yen continued to strengthen after the US housing data unexpectedly showed a downward trend in February, suggesting that the housing market had not fully recovered.
Yet, the trend in the US dollar`s appreciation against the local currency in the past few days remained unchanged, he said.
Market researcher and analyst Nico Omer Jonckheere of Valbury Securities said the rupiah`s exchange rate against the dollar would remain stable, along with Bank Indonesia (the central bank)`s intervention in the money market.
"The rupiah which is moving at a range of Rp9,100 to Rp9,200 per dollar is still controllable and Bank Indonesia will continue to stay at the money market," he said.(*)
Editor: Heru Purwanto
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