The rupiah strengthened to Rp17,755 per US dollar in Monday afternoon trading. The currency rose 142 points or 0.79 per cent compared with the previous session.
Across Asia, currency movements showed variation. Chinese yuan rose 0.01 per cent, Philippine peso strengthened 0.34 per cent, and Malaysian ringgit appreciated 0.05 per cent. Conversely, Singapore dollar fell 0.05 per cent, Japanese yen weakened 0.46 per cent, South Korean won depreciated 0.73 per cent, and Hong Kong dollar corrected 0.01 per cent.
The majority of major developed country currencies showed strength against the US dollar. Euro rose 0.05 per cent, British pound sterling strengthened 0.09 per cent, Australian dollar appreciated 0.09 per cent, Canadian dollar rose 0.03 per cent, and Swiss franc strengthened 0.07 per cent.
DOO Financial Futures analyst Lukman Leong said the rupiah's strength was supported by weakness in the US dollar index and positive sentiment from the domestic market. The market responded positively to President Prabowo Subianto's nomination of Bank Indonesia Senior Deputy Governor Destry Damayanti as the new Bank Indonesia governor to the House of Representatives.
"The main strength is supported by Ms Destry's nomination to become Bank Indonesia governor, which has been welcomed positively by investors," Lukman told CNNIndonesia.com.
