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Rupiah Weakness Results In BI Intervention

IDR

Spot USD/IDR has rallied from the off, catching up with overnight demand for the greenback seen amid a rally in U.S. Tsy yields & talk of month-end flows coming into play. The pair last trades +78 at IDR14,160, printing highest levels since Jan 12.

  • The price swing prompted Bank Indonesia to intervene to guard the rupiah. They offered 1-month domestic NDF at IDR14,295 through brokers, while BI Exec Director for Monetary Management said they will remain present in the market to shore up the currency.
  • The Indonesian Financial Services Authority will give an update on stimulus for the banking sector at 10:00 local time, while the Finance Ministry will hold a briefing on Covid-19 debt relief measures at 14:00.
  • Bulls look for a continued rally above Jan 12 high of IDR14,205. Next resistance levels are located at the 100-DMA/Dec 23 high at IDR14,228/14,232. Meanwhile, a dip through Feb 24 low of IDR14,073 would bring the 50-DMA at IDR14,049 into view.
  • Looking ahead, Indonesian Markit M'fing PMI and CPI report are due Monday. Danareksa Consumer Confidence is also due at some point next week.
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