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USD/IDR Back Sub 15600 As BI Intervention Continues To Weigh

IDR

USD/IDR is down a further 0.50% today in spot terms. The pair ended yesterday's session at 15658, but dipped as low as 15548 in early trade today before USD support emerged. We last tracked close to 15580. These moves follow BI intervention yesterday, which came after the pair rose to fresh 2yr highs.

  • This puts USD/IDR back below its simple 50-day MA (15626), but not yet on an EMA basis (15559). The break below these support levels couldn't be sustained in early December.
  • BI will be hoping this most recent move lower proves more sustainable, as it seeks to ward off imported inflation pressures via a weaker FX rate.
  • January tends to be a better seasonal month for the rupiah, it has risen against the USD in 6 out of the last 7 January's, although bucked this trend in 2022.
  • Elsewhere, Indonesia will export less palm oil next year to keep more domestic supplies at home. The government will cut the amount producers can export to 6 times the domestic sales requirement, down from the current 8 times, per Bloomberg reports.
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