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Rupiah Stable After Bank Indonesia Policy Decision

IDR

The Indonesian rupiah remains stable in the wake of yesterday's monetary policy decision from Bank Indonesia, which kept its 7-Day Reverse Repo Rate unchanged and signalled reduced urgency to normalise policy.

  • Governor Warjiyo said that "the decision is consistent with the need to maintain exchange rate stability and control inflation." He described price pressures as "manageable," but expresses a sense of concern about growth dynamics, downgrading its 2022 GDP outlook to +4.5-5.3% Y/Y (from +4.7%-5.5%).
  • Spot USD/IDR trades at IDR14,348, a touch higher on the day. Bulls look to a move through Apr 8 high of IDR14,380 towards Mar 7/Jan 31 highs of IDR14,415/14,420. Bears look for a dip through Mar 30 low of IDR14,325.
  • USD/IDR 1-month NDF last seen at IDR14,369, slightly below neutral levels. Bearish focus falls on Mar 30 low of IDR14,329, while bulls eye Apr 8 high of IDR14,408 for initial resistance.
  • Indonesian Finance Ministry holds a briefing on 2022 budget today, expect some headlines to trickle through.
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