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Rupiah Inches Higher After Warjiyo Says Bank Indonesia Can Afford Patience

IDR

Spot USD/IDR has given away 15 figs thus far and last sits at IDR14,343, with latest comments from Bank Indonesia Governor Warjiyo likely providing some incremental support to the rupiah. A fall through Mar 17 low of IDR14,275 is needed to bring Feb 16 low of IDR14,253 into view. Meanwhile, bulls see Mar 7 high of IDR14,415 as their initial target.

  • USD/IDR 1-month NDF last -5 figs at IDR14,348, with bears looking to a slide through Mar 16/9 lows of IDR14,264/14,253. Bullish focus falls on Mar 8 high of IDR14,480.
  • Governor Warjiyo told lawmakers Tuesday that the central bank can be patient about raising interest rates and "can reduce liquidity first." He noted that Bank Indonesia wants to "keep supporting growth, while still maintaining stability." Policymakers are looking to "recalibrate" the monetary policy mix in Q3 after the assessment of second-round effects of commodity price increases, with core inflation playing key role in future policy decisions.
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