Indonesian Rupiah Rises on Strong GDP Growth
The Indonesian rupiah advanced today to the strongest level in almost three months as Indonesia’s economy expanded with the fastest pace in six years.
Indonesia’s gross domestic product posted the annual growth of 6.9 percent in the fourth quarter of 2010, the biggest gain since the quarter ended December 2004. The inflation had grown in January, prompting the Bank Indonesia to raise its reference rate to 6.75 percent from the record low of 6.50 percent on February 4, the first increase since October 2008. So far, the rupiah has risen 1.6 percent this month.
USD/IDR traded near its opening level of 8,955.0000 as of 12:40 GMT today, after it declined earlier to 8,925.0000.
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Earlier News About the Indonesian Rupiah:
- Bank Indonesia Raises Borrowing Costs (2008-07-03)