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Rupiah Battered By Record Covid Tally, Jakarta Restrictions

DOLLAR-IDR

Spot USD/IDR gapped higher at the re-open of onshore rupiah trade as overnight risk-off flows provided a tailwind. A record jump in Indonesia's daily coronavirus case count, reported on Thursday, magnified pressure to the rupiah in early Asia-Pac trade amid lingering concerns over the re-introduction of social distancing measures in Jakarta. Bank Indonesia said that it stands ready to intervene in domestic NDF and FX spot markets.

  • Rupiah weakness pushed the spot above a key resistance from Aug 18 high of IDR14,875, towards best levels since mid-May. With the rate sitting +65 pips at IDR14,920, initial focus falls on the round figure of IDR15,000. Further gains past that level would expose May 5 high of IDR15,138. On the flip side, a fall through the 100-DMA at IDR14,667 would shift focus to IDR14,505, the low of Aug 31.
  • Indonesian trade balance comes out on Tuesday, while Bank Indonesia will deliver its monetary policy decision on Thursday.
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