Free Trial

Rupiah Extends Gains After In-Line BI MonPol Decision

IDR

Spot USD/IDR extended losses as Bank Indonesia left interest rates unchanged today, in line with the consensus forecast. The rate finished the session +15 figures at IDR15,380.

  • The central bank pledged to keep stabilising the rupiah via market interventions to prevent imported CPI. It sees core inflation staying within the +2%-4% Y/Y target band in 1H2023 and expects headline inflation to return to that range by September.
  • USD/IDR 1-month NDF last seen -51 figs at IDR15,441, with the bearish case supported by a 50-DMA/200-DMA death cross. Downside technical focus falls on the 23.6% retracement of the Feb 2 - Mar 15 rally at IDR15,373, while bulls keep an eye on Jan 6 high of IDR15,694.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.