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JAKARTA, May 30 Asia Pulse - The rupiah rose 10 points to Rp9,300/9,310 per dollar in the Jakarta interbank spot market on Friday evening following Bank Indonesia (the central bank BI)'s intervention in the money market, a money market observer said.
"BI released funds from its foreign exchange reserves as part of a market intervention, causing the rupiah to strengthen to Rp9,300 per dollar," Edwin Sinaga said.
The rupiah closed at Rp9,310/9,332 against the US greenback on Thursday.
Sinaga said the rupiah needed to strengthen by a few more points to reach a level below Rp9,300 per dollar as hoped for by monetary authorities.
"The rupiah is considered to be in safe position if it moves to below Rp9,300 per dollar," he said.
The rupiah's appreciation , however, evoked little enthusiasm ...
Source: HighBeam Research, FOREX - INDONESIAN RUPIAH CLOSES HIGHER - MAY 30, 2008.