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USD/IDR Back Close To Previous BI Intervention Region

IDR

USD/IDR got to 15450 not long after today's open. We sit slightly lower now, just under 15440. We aren't too far away from earlier March highs from last week in the 15465/15475 region. Note that we did see BI intervene in FX markets when we touched those highs. Later today we have the BI decision, no change is expected, see our full preview here.

  • The rupiah isn't enjoying much benefit from the pull back in core yields. The stronger short term correlation appears to be with broader equity market sentiment. Indonesia 5yr CDS is also just off multi-month highs as well (108.5).
  • On the local news front, Indonesia is seeking to boost investment flows from Singapore as it builds its new capital city (see this link for more details).
  • Elsewhere, the US is looking at funding Indonesian mineral projects, as it aims to improve the global minerals supply chain (see this link for more details).
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