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IDR: Rupiah Falters After Surprise Rate Cut

IDR
EM BulletBulletIndonesiaAPACEmerging Market News

The rupiah has depreciated on the back of Bank Indonesia's unexpected decision to lower the key policy rate by 25bp, with spot USD/IDR last dealing +60 figs at 16,325, pressing against resistance from Jul 30 high. The rupiah is the worst performer in the Asia EM FX space. A clearance of 16,326 would allow bulls to set their sights on Jun 21 high of 16,478.

  • USD/IDR 1-month NDF operates +67 figs at 16,395 and bulls are eyeing resistance from Dec 19 high of 16,418, followed by Jun 20 high of 16,519.
  • Bank Indonesia vowed to continue stabilising the rupiah via market intervention.
  • The central bank's decision further narrows the yield spread with core markets.
  • Against this backdrop, the focus turns to US CPI data due later today.
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The rupiah has depreciated on the back of Bank Indonesia's unexpected decision to lower the key policy rate by 25bp, with spot USD/IDR last dealing +60 figs at 16,325, pressing against resistance from Jul 30 high. The rupiah is the worst performer in the Asia EM FX space. A clearance of 16,326 would allow bulls to set their sights on Jun 21 high of 16,478.

  • USD/IDR 1-month NDF operates +67 figs at 16,395 and bulls are eyeing resistance from Dec 19 high of 16,418, followed by Jun 20 high of 16,519.
  • Bank Indonesia vowed to continue stabilising the rupiah via market intervention.
  • The central bank's decision further narrows the yield spread with core markets.
  • Against this backdrop, the focus turns to US CPI data due later today.