JAKARTA. The rupiah weakened on Wednesday afternoon by 166 points to 11,636 per US dollar, down from the previous 11,470.
"Fundamentally, the rupiah is under pressure following China's contracting manufacturing data, worrying domestic financial market players about Indonesia's trade balance," Monex Investindo Futures analyst Zulfirman Basir said in Jakarta on Wednesday as quoted byAntara news agency.
He said that investors were worried about the country's trade balance because China was one of Indonesia's main trade partners.
The fluctuation of the rupiah in the domestic market was also caused by political factors since investors were studying the possibility of coalitions that would shape the next government.
"The new government will influence future policies, including in the financial sector," he said.
Meanwhile, Bank Indonesia’s (BI) mid-rate on Wednesday showed the rupiah stood at 11,590 per US dollar, down from 11,486. (nfo)
