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Indonesian Rupiah Bounces to Two-Month High

July 23, 2014 at 14:38 by Vladimir Vyun

Three rows of 5,000, 50,000 and 100,000 Indonesian rupiah notesThe Indonesian rupiah climbed today, touching the highest level in two months, as it was announced that Joko Widodo is the victor in the nation’s presidential elections. This gives hope that political uncertainty will not be driving investors away from nation’s assets any longer.

The election commision announced that Widodo won with 53.15 percent of votes. The newly elected president said that he aimd at boosting economic growth to 7 percent, strenghtening the country’s position in the world’s economy. Previously, the rupiah dropped as Widodo’s competitor Prabowo Subianto contested the elections results, but now it looks like the new president has enough support to dismiss accusations of unfair voting.

USD/IDR fell 0.85 percent to 11,507.50 as of 14:36 GMT today, reaching the low of 1,483 intraday — the weakest price since May 20.

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