Trading volumes surge on rupiah volatility

Trade volumes in the Indonesian rupiah surged by around 50% when markets reopened following the presidential elections last week.

Concerns over the country's likely new president Susilo Bambang Yudhoyono's ability to manage the fledging economy, and speculation about his choice of cabinet colleagues, weakened the rupiah from its pre-election highs, forcing participants to reverse positions.

Traders dived into the market to reverse short dollar, long rupiah positions put on the week before the election, where the currency appreciated by some 2.6% amid hopes of a likely defeat of incumbent president Megawati Soekarnoputri

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