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Rupiah Catches Bid As Bank Indonesia Expects It To Strengthen

IDR

Spot USD/IDR has tumbled today and last sits -68 figs at IDR14,260. Bears eye the 50-DMA at IDR14,230 for initial support and a break here would open up Oct 29 low of IDR14,150. On the flip side, a jump above Nov 5 high of IDR14,390 would suggest that bulls are finding poise again.

  • USD/IDR 1-month NDF last seen -66 figs at IDR14,303. Bears see the 50-DMA at IDR14,272 as their initial target, while bulls look to a rebound above Nov 3 high of IDR14,462.
  • Bank Indonesia's executive director Ramelan told BBG last Friday that the monetary authority expects a stronger rupiah, adding that it stands ready to protect its stability.
  • The central bank sees November consumer price inflation at +1.54%, based on their survey in the first week of the month.
  • Consumer confidence data take focus today, with both Bank Indonesia and Danareksa gauges eyed.
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