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Rupiah Faces Mild Headwinds

IDR

Spot USD/IDR has trimmed some gains after a firmer re-open and last changes hands +11 figs at IDR14,358. Renewed gains past Mar 7/Jan 31 highs of IDR14,415/14,420 would clear the way to Dec 6 high of IDR14,447. On the downside, initial focus falls on Mar 17 low of IDR14,275.

  • USD/IDR 1-month NDF last seen -14 figs at IDR14,378. Bears keep an eye on Mar 16 low of IDR14,264, while bulls look to a move through Mar 8 high of IDR14,480.
  • The Financial Services Authority (widely known as OJK) noted that it will begin phasing out regulatory pandemic-era stimulus in domestic stock market.
  • Indonesia's M2 money supply expanded 12.5% Y/Y in February in a slight slowdown from January's 12.8% growth.
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