Go Finance Reporting in JAKARTA - The rupiah weakened slightly in trading this time. Whereas the United States dollar (U.S.) seems to weaken against the euro.
Amount, according to the exchange rate of Bank Indonesia (BI) on Thursday (06/09/2011) is on the level of Rp8.523 per USD, up thin when compared with the period of the previous day in Rp8.521 per USD.
Meanwhile, according yahoofinance, the rupiah is on Rp8.517 per USD, with daily trading range in Rp8.502-Rp8.522 per USD. On the other hand, was observed to weaken the U.S. dollar value of a number of other currencies. Thus, the euro rose to 1.4635 per USD, as well as pounds rose to 1.6452 per U.S. dollar.
Foreign exchange market this time is quite affected by the commodities market. Where for the first time in 20 years of its inception, OPEC production failed to reach agreement. Six countries rejected the proposal of Saudi Arabia to increase production when prices are above USD100 per barrel.
Saudi Arabia as the country's largest oil producer in OPEC along with Kuwait, Qatar and the UAE proposed increase in production by 1.5 million barrels per day so that to 30.5 million barrels per day of production is now about 28.8 million bpd. The proposal was rejected by Iran, OPEC's second largest producer along with Venezuela.
Meanwhile, demand for OPEC oil is expected to reach 30.87 million bpd for the third-quarter 2011. Bloomberg's survey indicates OPEC supply will not change from its current position, at the same time demand is expected to increase so that crude prices still have a potential to increase by the third-quarter 2011. (GoFinance)
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