TEMPO.CO, Jakarta - High intensity of buying action in the domestic stock market has caused Rupiah strengthen. During today's trading session, Rupiah gained 160 points (1.35 percent), reaching a level of Rp 11,712 per US Dollar, which is the best exchange rate ever recorded since March 14, 2014.
Positive domestic sentiment has managed to drive Rupiah as the only Asian currency capable of beating US Dollar. Economist at Bank International Indonesia Juniman, said that Rupiah's triumph over US Dollar is caused by the euphoria of the upcoming presidential election. Stock traders, particularly foreign investors, favor the fact that Indonesia has managed to sail through the campaign period without major conflict.
"Investors believed that the situation will prevail until presidential election," he said. In light of presidential election, the Jakarta Composite Index also rise significantly, along with transaction volume and buying nett. "Foreign [investors] aggressively step in the domestic market in order to anticipate presidential election," said Juniman.
PDAT | M. AZHAR
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