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Rupiah Firms Despite Tighter Covid Curbs In Several Key Regions

IDR

Spot USD/IDR has shed 13 figs thus far and last operates at IDR14,384, with bears looking to further losses past Feb 2 low of IDR14,327. The next layer of support below is located at IDR14,307, which limited losses on Jan 24. Meanwhile, a rebound above Jan 31 high of IDR14,420 would expose Dec 6 high of IDR14,447.

  • USD/IDR 1-month NDF last -16 figs at IDR14,399. Bears look for a slide through Jan 13 low of IDR14,292, while bulls set their sights on Jan 6 high of IDR14,470.
  • The government tightened mobility restrictions in Jakarta, Badung and Bali to the second-highest level as the Omicron variant continues to fuel a wave of infections. The new rules will remain in place for at least one week.
  • Bank Indonesia are set to deliver their monetary policy decision on Thursday, with the 7-Day Reverse Repo Rate widely expected to stay unchanged.
  • Elsewhere, Indonesia's consumer confidence gauges may hit the wires this week.
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