Rupiah Loses More Value Against US Dollars

Jakarta (Antara) - The Indonesian currency rupiah lost more value against the US dollar in the opening trade on Tuesday. Rupiah traded at the level of 12,242 per US dollar weakening from the previous level of 12,217 . "Rupiah weakened to follow the trend of the majority of the currencies of developing countries which shrank after massive sales," chief researcher of Trust Securities Reza Priyambada said. There was big sales of rupiah with the meeting of the Federal Open Market Committee (FOMC) coming closer to discuss implementation of the Fed's stimulus taperting off, Reza said. Meanwhile demand is growing for safe have currencies such as US dollar as a result of the Chinese economic slowdown. In addition, the country's inflation is predicted to rise in January , 2014 from December, 2013 as a result of the devastating floodings hitting the country that hampers distribution of goods especially essential products. (*)