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IDR: Rupiah Tests Key 16,000 Level Despite BI Intervention

IDR
EM BulletBulletIndonesiaAPACEmerging Market News

Spot USD/IDR had a look above the psychologically significant 16,000 level for the first time since August. The pair was quoted at 16,002 per the Bloomberg feed and has now eased to 15,999, staying in the vicinity of the round figure.

  • The rupiah weakened even as Bank Indonesia told reporters that it "entered the market with a quite bold triple intervention" (i.e. stepped into the spot, domestic NDF and government bond markets).
  • According to Bloomberg, senior Bank Indonesia official Edi Susianto said that the rupiah's depreciation was driven by global sentiment, with the dollar supported by geopolitical tensions and the resilience of the US economy.
  • Bank Indonesia is set to meet next week and, as things stand, a narrow majority of analysts expect a 25bp cut, with the rest looking for a hold.
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Spot USD/IDR had a look above the psychologically significant 16,000 level for the first time since August. The pair was quoted at 16,002 per the Bloomberg feed and has now eased to 15,999, staying in the vicinity of the round figure.

  • The rupiah weakened even as Bank Indonesia told reporters that it "entered the market with a quite bold triple intervention" (i.e. stepped into the spot, domestic NDF and government bond markets).
  • According to Bloomberg, senior Bank Indonesia official Edi Susianto said that the rupiah's depreciation was driven by global sentiment, with the dollar supported by geopolitical tensions and the resilience of the US economy.
  • Bank Indonesia is set to meet next week and, as things stand, a narrow majority of analysts expect a 25bp cut, with the rest looking for a hold.