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Rupiah Holds Narrow Range, Jokowi Reiterates Pledge Not To Seek Third Term

IDR

Spot USD/IDR changes hands at IDR14,343, little changed on the day, with bulls looking to a break above Mar 24 high of IDR14,380. This would clear the way to Mar 7/Jan 31 highs of IDR14,415/14,420. Bears see Mar 30 low of IDR14,325 as their initial target, a break here would expose Mar 17 low of IDR14,275.

  • USD/IDR 1-month NDF last seen at IDR14,344, a tad higher on the day. Topside focus falls on Mar 23 high of IDR14,396, while bears keep an eye on Mar 16 low of IDR14,264, followed by Mar 9 low of IDR14,253.
  • Indonesian President Widodo reiterated that he intends to observe a constitutional rule prohibiting him from seeking a third term in office, even as Investment Minister Luhut earlier floated the idea of changing the constitution accordingly.
  • The main point of note on the local docket during the remainder of this week is provided by monthly CPI data, due tomorrow.
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