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Rupiah Unfazed By Bank Indonesia's On-Hold Rate Decision

IDR

The rupiah held gains after Bank Indonesia announced its in-line decision to keep interest rates unchanged. Spot USD/IDR closed -20 figs at 15,555; 1-month NDF last sit -60 figs at 15,568.

  • Governor Warjiyo described the decision as "consistent with the policy of stabilising the rupiah exchange rate from the impact of high global uncertainty, and as a preemptive and forward-looking step to mitigate the impact of imported inflation".
  • Today's rate decision comes amid a wider pause in the tightening cycles across Southeast Asia, with Bangko Sentral ng Pilipinas opting against another hike last week and with the Bank of Thailand expected to stand pat next week.
  • From a technical perspective, bears look for USD/IDR 1-month NDF to dip through Nov 17 low of 15,358 before taking aim at Aug 30 low of 15,194.
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