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Bank Indonesia Confirms Earlier Intervention To Stabilise Rupiah

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Bank Indonesia confirms that it intervened in FX spot and domestic NDF markets to stabilise the rupiah after it weakened on high domestic dollar demand. This comes after Bloomberg cited Asia-based traders suggesting that the central bank entered the spot market to support the rupiah.

  • Although there was no immediate confirmation of the intervention, Governor Warjiyo told parliament that the central bank will continue to step in to keep the rupiah stable. He added that the IDR is expected to strengthen going forward amid more clarity on the Fed rate outlook, stronger portfolio inflows and better domestic economic prospects.
  • Spot USD/IDR soared to its highest point since the outbreak of the COVID-19 pandemic today, ending the session +65 figs at 16,285. USD/IDR 1-month NDF last changes hands +8 figs at 16,306 narrowing in on Apr 16 cycle highs.
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Bank Indonesia confirms that it intervened in FX spot and domestic NDF markets to stabilise the rupiah after it weakened on high domestic dollar demand. This comes after Bloomberg cited Asia-based traders suggesting that the central bank entered the spot market to support the rupiah.

  • Although there was no immediate confirmation of the intervention, Governor Warjiyo told parliament that the central bank will continue to step in to keep the rupiah stable. He added that the IDR is expected to strengthen going forward amid more clarity on the Fed rate outlook, stronger portfolio inflows and better domestic economic prospects.
  • Spot USD/IDR soared to its highest point since the outbreak of the COVID-19 pandemic today, ending the session +65 figs at 16,285. USD/IDR 1-month NDF last changes hands +8 figs at 16,306 narrowing in on Apr 16 cycle highs.