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Rupiah Rangebound After Indonesia Relaxes Covid Rules In Bali

IDR

Spot USD/IDR changes hands at IDR14,242, just 10 figs lower on the day, still respecting yesterday's extremes. Bears look for a fall through Sep 10 low of IDR14,203 towards Sep 7 low of IDR14,182, a key near-term support. Bulls would be pleased by a rally above the 200-DMA at IDR14,286, which would open up Aug 31 high of IDR14,345.

  • USD/IDR 1-month NDF last seen -13 figs at IDR14,288. Downside focus falls on Sep 7/Jun 11 lows of IDR14,201/14,198, while topside attention is drawn to IDR14,340, which capped gains on Sep 8 & 9.
  • Indonesia relaxed Covid-19 restrictions in Bali yesterday after declaring the lowest nationwide daily case count since May. Min Luhut Panjaitan who oversees the country's Covid-19 response said that some mobility restrictions will remain in place, adding that restrictions in Bali will be reviewed weekly. Panjaitan also said that foreign travellers will be subject to stricter protocols at the borders. He noted that Pres Widodo has asked ministers to draft a plan for managing the outbreak when it becomes endemic.
  • The monthly trade report come out tomorrow, before focus turns to next week's monetary policy decision from Bank Indonesia.

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