Rupiah Catches Bid As Indonesia Eyes Lifting Quarantine Requirements

Spot USD/IDR has turned its tail this morning, tumbling to its worst levels since early January, as the government's plan to ease quarantine rules has lent support to the rupiah. The rate sits -50 figs at IDR14,278 at typing, bears keep an eye on Dec 31 low of IDR14,253. Should the rate descend past that level, bears would take aim at Christmas Eve's low of IDR14,187. Bulls look to a rally above Feb 7 high of IDR14,408.

• USD/IDR 1-month NDF last -18 figs at IDR14,282. Bearish focus falls on Dec 30 low of IDR14,126, while bulls take aim at Feb 7/Jan 6 highs of IDR14,461/14,470.
• The government said they are considering removing all quarantine rules for inbound travellers in April, as the latest wave of Covid-19 infections failed to translate into a surge in hospitalisations and deaths. Meanwhile, the mandatory quarantine period for fully vaccinated and boosted visitors is reduced to three days from five.
• As a reminder, Indonesia's monthly trade data will hit the wires later today.