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Rupiah Gains After Gov't Clarifies Parameters Of Palm Oil Exports Ban

IDR

Spot USD/IDR has shed 40 figures thus far and last deals at IDR14,416 after the government issued a clarification of its surprise palm oil export ban, which shook vegetable oil markets at the start to the week. From a technical perspective, bears look for a retreat under Apr 8 high of IDR14,380, while bulls look to a jump above yesterday's high of IDR14,470.

  • USD/IDR 1-month NDF last -39 figs at IDR14,441. Bears look for sales past Apr 19 low of IDR14,341, while bulls keep an eye on yesterday's high of IDR14,565.
  • Indonesian government noted that its palm oil export ban will only apply to certain processed products, while shipments of crude palm oil will still be allowed. Crude palm oil futures are finding poise after source reports preceding official clarifications inspired a sharp pullback from cycle highs on Monday.
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