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Rupiah Gets Wounded By CPO Export Ban

IDR

USD/IDR has surged after the government temporarily blocked palm oil shipments in a bid to resolve domestic shortage, which prompted participants to dump the rupiah at the start to the week.

  • Indonesian President Widodo announced a ban on all cooking oil raw materials from April 28 until there is no more shortage in the country. The decision sent crude palm oil futures soaring this morning, as top exporter Indonesia accounts for a third of all global vegetable oil shipments.
  • Spot USD/IDR trades +88 figs at IDR14,445, with bull looking for renewed purchases past Aug 20, 2021 high of IDR14,473. Bears need a retreat under Jan 31/Mar 7 highs of IDR14,420/14,415 to get some reprieve.
  • USD/IDR 1-month NDF last seen deals +5 figs at IDR14,513. Topside focus falls on Aug 19, 2021 high of IDR14,573, while bears keep an eye on Feb 24 high of IDR14,506.
  • Note that BI Governor Warjiyo will deliver a keynote speech at G20 side event today.
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