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Rupiah Weakness Persists

IDR

Spot USD/IDR keeps pushing higher and last changes hands +34 figs at IDR14,352. A break above Feb 11 high of IDR14,368 would allow bulls to target Feb 7 high of IDR14,408. Meanwhile, bears need a pullback under Feb 16 low of IDR14,253 to gain some impetus.

  • USD/IDR 1-month NDF last +16 figs at IDR14,370. Bulls keep an eye on Feb 7 high of IDR14,461, while bears look for a dip through Feb 15 low of IDR14,255.
  • FinMin Indrawati told BBG that Indonesia is poised to return to fiscal consolidation, with the budget deficit expected to narrow to 4% of GDP this year (she had previously forecast a deficit of 4.1%). The official committed to terminating the government's burden-sharing scheme with the central bank this year.
  • Indonesia's BoP current account surplus shrank more than expected to +$1.400bn in Q4 from +$4.500bn prior.

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