Rupiah strengthens as Indonesian President Susilo sworn in

14:50, October 20, 2009      

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The Indonesian rupiah strengthened on Tuesday morning as Susilo Bambang Yudhoyono was inaugurated as Indonesian president after he was re-elected for the second term, local media reported.

The rupiah strengthened to 9,360 against one U.S. dollar on Tuesday morning trading from Monday's closing of 9,390, the Jakarta Post said.

The inauguration sent positive sentiment to the market, financial market analyst Harry Kurniawan told Antara news agency.

Besides, the strengthening of the rupiah was also in line with the weakening of the greenback against the euro.

"We are optimistic that the rupiah will continue to strengthen and touch 9,300 per dollar after the president announced his Cabinet," Harry said.

The President is scheduled to announce the line-up of his Cabinet either later Tuesday or Wednesday.

Currency market analyst Farial Anwar shared Harry's upbeat prediction that the rupiah would continue to strengthen, saying that the strengthening of the rupiah would be supported.

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