Rupiah loses More Value

Jakarta (Antara) - The Indonesian currency rupiah lost more value against the US dollar to close at the level of 11,607 per dollar on Wednesday. In interbank transaction, the currency weakened from the level of 11,601 per dollar on previous day's close . Bank Indonesia raised its benchmark interest rate (BI rate) by 25 basis points to 7.5 percent on Tuesday in a bid to prop up rupiah. However, the move by the central bank was not strong enough to protect and keep the currency from diving on Wednesday. Monex Investindo Futures' analyst Zulfirman Basir said investors were still worried by expected deficit in the country's current account. Meanwhile external negative sentiment still is strong from the United States over worries about the Fed deciding to cut its monetary stimulus earlier than previously expected. Dennis Lockhart, the president of the Fed of Atlanta, said that the Fed could start phasing out stimulus after a meeting in December. (*)