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Rupiah Gains Amid Speculation On Month-End USD Sales

IDR

Spot USD/IDR dipped this morning, catching up with yesterday's greenback weakness seen after local hours. In addition, BBG cited speculation that local exporters have been selling dollars into the month-end. The rate last trades -29 figs at IDR14,454, printing its worst levels in a month. Further losses past the 100-DMA/Jun 28 low at IDR14,419/14,415 would shift downside focus to the round figure/50-DMA at IDR14,400/14,399. Bulls set their sights on Jul 21/2 highs of IDR14,559/14,568.

  • USD/IDR 1-month NDF last seen unch. at IDR14,487. Bears look for a dip through yesterday's low of IDR14,451, while bulls keep an eye on Jul 20 high of IDR14,676.
  • Indonesia's Financial Services Authority Chair said that the agency is considering extending debt restructuring relaxation amid the resurgence in Covid-19 infections. The final decision will be made by the end of next month.
  • On the data front, focus in Indonesia turns to Markit M'fing PMI & CPI, due Monday, as well as Q2 GDP, due Thursday.
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