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Rupiah Slips, Fitch Says BI Could Cut Rates This Year

IDR

Spot USD/IDR has crept higher but Friday's peak remains intact, with the rate last trading +23 at IDR14,430. Previously flagged dynamics have been in play, with USD still afloat as we type.

  • Fitch said Bank Indonesia could deliver a further 50bp worth of rate cuts this year. As a reminder, many sell-side desks have already called an end to the easing cycle.
  • Indonesia lifted suspension on vaccinations with the AstraZeneca Covid-19 jab and said it would restart inoculations with the product this week.
  • Indonesian Tourism Min Uno said that reopening the Riau Islands could pave the way for a potential "safe travel corridor" with Singapore.
  • Initial bullish focus falls on Mar 19 high of IDR14,470, while bears look for a slide through the 200-DMA at IDR14,366.
  • The Indonesian data docket is virtually empty this week.

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