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Joko Widodo’s victory drives rupiah to two-month high

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Joko Widodo’s victory drives rupiah to two-month high

Joko Widodo has been named Indonesia’s next president, leading the nation’s rupiah to jump to a two-month high and stocks to advance. Local bank prices show that the currency rose 0.9% in the biggest advance since July 7 to close at 11,505 per dollar. It reached 11,483 earlier, the highest level since May 20.

Mr Widodo, known as Jokowi, garnered 53.15% of support at the July 9 vote, while Prabowo Subianto won 46.85%, the election commission said late yesterday. Mr Prabowo called the voting undemocratic and pulled his witnesses from the counting process just hours before the final result was announced.

The rupiah fell as much as 0.6 percent yesterday after Mr Prabowo made his remarks in a televised speech in Jakarta, before closing 0.3% lower. He will contest the result in the Constitutional Court and propose a parliamentary special commission to investigate the election process, spokesman Tantowi Yahya said in Jakarta today.

On the other hand, Mr Widodo aims to boost economic growth to above 7% to strengthen the nation’s role in international forums, he said in a July 21 interview at his house in Jakarta, and will appoint “the professional, the technocrat and only the best” for his cabinet line-up.

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deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

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