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Rupiah Touches Multi-Week Low

IDR

Spot USD/IDR has shed 17 figs and last sits at IDR14,239, printing worst levels since May 17. Next support eyed at IDR14,145, which represents the low print of May 10. Bulls look for a rebound above Jun 4 high of IDR14,322, towards the 200-DMA at IDR14,375.

  • USD/IDR 1-month NDF last -32 figs at IDR14,273, with downside focus now at May 31 low of IDR14,259, followed by May 7 low of IDR14,133. Bulls need a clearance of May 28 high of IDR14,381, which would expose May 20 high of IDR14,475.
  • Bisnis Indonesia reported that the gov't will keep excise tax on cigarettes in 2022 and propose a tariff which would raise their retail prices by 10.0%-12.5%. The report relied on information from unnamed sources.
  • The local docket is virtually empty through the end of this week, with focus on next week's trade balance & BI MonPol decision.
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