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Rupiah falls sharply vs dollar, breaks 9,500 level

Source
Agence France Presse - June 2, 2004

Jakarta – The Indonesian rupiah fell sharply against the dollar Wedneseday, extending early losses to break the 9,500 mark amid concerns over the domestic political situation, dealers said.

At the same time, strong US economic data was supporting the dollar, which compounded the rupiah's problems, they said.

At 11:10 a.m., the rupiah was at 9,520-9,550 to the dollar, the lowest level since April 2002, and compared to Tuesday's close of 9,360-9,380.

A foreign exchange dealer with a European bank said "positive news about the US economy has added to the already weak sentiment on the rupiah."

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