Look forward to the BI market statement about inflation

JAKARTA, KOMPAS.com - Meeting of the Board of Governors of Bank Indonesia (BI), the first year will be held on Thursday (10/01/2013) this. The market was waiting for a statement about the authority of the BI post-inflation increase in electricity tariff.


Yesterday rupiah closed up in 9660 from the current level of USD opened at Rp 9700 per U.S. dollar. Dollar on the trade moves in the range of USD 9645-USD 9740 per U.S. dollar (based on observation data at Reuters).

Exchange Composite Index closed in the red today due to profit taking by market participants add to the pressure on the rupiah at the close yesterday afternoon.

According to the research team BNI Treasury, BI seen actively intervened in the foreign exchange market to boost the rupiah towards the close yesterday afternoon. Today, the rupiah has the potential to move the consolidation trend weakened.

Non-delivery forward one month in offshore markets opened lower this morning rupiah at Rp 9871 to Rp 9881 per U.S. dollar that is expected to put pressure on the rupiah in the onshore market this morning.

BI to announce its benchmark interest rate at Board of Governors Meeting this afternoon. BNI Treasury projecting BI Rate will still be maintained at the level of 5.75 percent.

The attention of market participants are expected to be on the statement of BI related possibility of rising inflation after been increased electricity rates by early January. BI is projected to continue to enter into the foreign exchange market to guard the rupiah exchange rate movements.
editor: Natural Nasru Aziz
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