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Rupiah Still Rangebound

IDR

Spot USD/IDR trades -6 figs at IDR14,357, holding a narrow range so far. Bears need a dip through Apr 5 low of IDR14,338 before targeting Mar 30 low of IDR14,325. Bulls see Apr 8 high of IDR14,380 as their initial target, a break here would expose Mar 7/Jan 31 highs of IDR14,415/14,420.

  • USD/IDR 1-month NDF last seen at IDR14,371, virtually unchanged on the day. Bears look for sales towards Mar 30 low of IDR14,329, while bulls would be pleased by a rally above Apr 8 high of IDR14,408.
  • Indonesia's Energy Minister Tasrif said that the government could raise the electricity tariff this year to save ~IDR7-16tn in compensation for the state-owned electricity company.

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