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Rupiah holds its ground despite fall in share prices

Jakarta Post - September 2, 2019

Jakarta – The Indonesian currency gained slightly against the US dollar on Monday despite a decline in share prices in regional markets amid fears of an escalation in the trade war between the United States and China.

The rupiah was trading at a Jakarta Interbank Spot Dollar Rate of 14,190 per US dollar on Monday afternoon, up from 14,237 per US dollar the previous trading day, kompas.com reported.

Bank Central Asia (BCA) was selling US dollars for Rp 14,202 and buying the greenback at Rp 14,184 per US dollar.

Most Southeast Asian equity markets fell on Monday, led by Singapore, as the imposition of further tariffs by Washington and Beijing hammered investor sentiment, dispite a surprising expansion in China's factory activity in August, Reuters reported.

The Jakarta Composite Index, the main index at Indonesia Stock Exchange (IDX), declined by 0.41 percent to 6,302.75 points at the close of the morning trading session on Monday. Shares of BCA and Unilever Indonesia were down 1.5 percent. (hen)

Source: https://www.thejakartapost.com/news/2019/09/02/rupiah-holds-its-ground-despite-fall-in-share-prices.html