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BI Intervenes In Spot USD/IDR Market To Curb Dollar Rise

IDR

Headlines have crossed (BBG) from Bank Indonesia. The central bank has stated that it is intervening in both the spot and domestic NDF market. BI added that the rupiah is weakening in line with other Asian currencies.

  • This comes after the earlier break higher in USD/IDR spot through the 15900 level. We got to a high of 15962, but now sit slightly lower at 15955, post the above headlines. These moves took the currency to fresh highs going back to the first part of 2020.
  • IDR is the weakest performer in October to date in terms of Asia FX, down 3.1%. MYR is the next worst performer down 1.8%.

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