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Rupiah Loses Shine, IMF Advise More FX Flexibility

IDR

Spot USD/IDR has recouped its initial losses and last trades -3 figs at IDR14,348, with BI headlines taking focus as we await the Fed decision. Bulls look for further recovery past Jan 19 high of IDR14,374, before setting their sights on Jan 6/Dec 21 highs of IDR14,399/14,400. Bears look to a dip through Jan 24 low of IDR14,307 before targeting Jan 11 low of IDR14,285.

  • USD/IDR 1-month NDF last +13 figs at IDR14,360. Topside focus falls on Jan 19 high of IDR14,428, with bears targeting Jan 13 low of IDR14,292.
  • The IMF said that Bank Indonesia can preserve monetary policy space by allowing for greater FX flexibility. Indonesia's central bank is mandated with guarding currency stability and has said that it will adopt a "pro-stability" stance this year.
  • Deputy Gov Waluyo said that Bank Indonesia will conduct pre-emptive monetary policy but stressed that interest rates will remain low until there are signs of building inflationary pressure. Policymakers kept the benchmark policy rate unchanged at its all-time low last week.
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