Indonesia’s rupiah forwards advanced after global funds bought equities on bets economic growth will accelerate. Government bonds fell before the first debt auction of 2013. Overseas investors bought $48 million more of local stocks than they sold yesterday, prompting the Jakarta Composite index to gain by the most since September, exchange data show. The government plans to raise Rp 7 trillion from a bond sale today.
Southeast Asia’s largest economy may grow 6.6 percent to 6.8 percent this year, Finance Minister Agus Martowardojo said on Monday, compared with 6.3 percent growth in 2012 estimated by the central bank on Jan. 10. The rupiah’s one-month non-deliverable forwards rose 0.2 percent to 9,898 per dollar as of 8:49 a.m. in Jakarta, data compiled by Bloomberg show. That’s 2.1 percent weaker than the onshore spot rate, which slid 0.6 percent to 9,690, prices from local banks compiled by Bloomberg show.
A daily fixing used to settle non-deliverable forward contracts was set at 9,877 on Monday by the Association of Banks in Singapore. “The forwards reflect foreign investors’ positive perception of Indonesia,” said Rully Nova, a currency analyst at Bank Himpunan Saudara 1906 in Jakarta. “The strengthening today is supported by good sentiment from stocks, and we may see more capital inflows as the government bond auctions begin. The currency’s one-month implied volatility, a measure of expected moves in exchange rates used to price options, was steady at 6.75 percent, the highest level since September.
The yield on the government’s 9.5 percent notes due June 2015 climbed two basis points, or 0.02 percentage point, to 4.57 percent, the biggest gain since Jan. 9, according to the Inter Dealer Market Association.
Bloomberg
source : the jakarta globe
Bloomberg
source : the jakarta globe
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