JAKARTA (Yosefardi) – The rupiah weakened further by 0.9% to Rp11,626 against the US dollar at 2.39 pm Jakarta time, Wednesday (April 23), the lowest level in past six weeks.
The rupiah had ever appreciated to Rp11,289 in April 8, 2014, a day before the election to vote legislative members. But then the rupiah was back to weaken as the election result missed the market’s expectation.
The currencies market responded negatively the election result on April 9, 2014 as it missed the expectation. During April, the rupiah had depreciated by 2.4% against the US dollar.
For now, investors opted to hold the dollar while awaiting the running mates of president candidates as well as the coalition of political parties.
Some investors also predict the Indonesia’s current account deficit to reach 2% in first three months of this year.