- Antara
VIVAnews - Citibank estimates that the Rupiah would still be pushed down and stick to the position of Rp9.300 against US dollar in the next three months.
A study entitled "Citi Foreign Exchange: Forecast" says the chance will not only hit the rupiah, but also other currencies including Korean won and Malaysian ringgit due to massive capital outflow.
Citibank views the withdrawal of foreign funds will go on in a short term. However, this situation can turn into a long-term crisis if the global conditions continue to worsen, such as ones affecting Europe and the United States.
Bank Indonesia has been benefited as foreign exchange reserves increased significantly after the crisis of 2008 as the Indonesian central bank intervened Rupiah. Citibank projected that Rupiah’s exchange rate against US dollar is not going to touch Rp10,000.
"We figure that the rupiah will be at the level of Rp9,300 against US dollar for three months ahead and Rp8,900 for six to 12 months ahead," wrote Citi.
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