Rupiah significantly increased to Rp. 13,675 on Monday morning

``The rupiah exchange rate strengthened significantly against the US dollar along with other currencies in the Asian region following an uptrend in world crude oil prices,` said economist with Samuel Sekuritas Rangga Cipta in Jakarta on Monday. In his opinion the improving world crude oil prices are expected to continue to support the rupiah against the US dollar.The price of WTI crude on Monday (1/2) morning was recorded at the level of US$33.13 per barrel while Brent crude was at US$35.39 per barrel.On the other hand, he said that the sentiment from the Bank of Japan (BOJ) that has cut its benchmark interest rate by 20 basis points (bps) to minus 0.1 percent in order to encourage inflation to approach its target of 2 percent on a yearly basis is pushing the Japanese yen to weaken but is making other currencies in the Asian region stronger against the US dollar.From within the country, he said that at the beginning of this week (Monday, 1/2), the Central Statistics Agency (BPS) will release inflation data for January 2016. Low inflation will protect the rupiah, while rising inflation will have a negative impact on rupiah-denominated assets.LBP Enterprise analyst Lucky Bayu Purnomo added that the exchange rate of the rupiah has a high potential of continuing to rally in strength as world crude oil prices are projected to be able to reach the level of US$37 per barrel.`The rallying price of crude oil will have a positive impact on the price of other commodities so that it will be able to protect the state's finances which eventually will support growth in the domestic economy,` he said.
Editor: Unggul Tri Ratomo
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