USD/IDR has surged 116 pips thus far.....>

DOLLAR-IDR: USD/IDR has surged 116 pips thus far and last sits at IDR14,291. The

rate keeps pushing higher still as we type. A broader risk aversion is the most

likely driver, as worrying developments in the U.S. (>2.7k people quarantined in

NYC, state of emergency in Maryland) have returned the focus to a familiar

coronavirus worry.  

- Bulls are happy with the recent resumption of topside momentum and keep an eye

on IDR14,408, the cycle high registered on Mar 2. Bears look for a throwback

under yesterday's high of IDR14,181 (to fill the opening gap) & towards the low

of Mar 4 at IDR14,108.

- BI's Hendarsah reiterated that the central bank is committed to ensuring

rupiah stability. BI bought IDR2tn worth of gov't bonds from the market.

- Indonesia's FX reserves fell to $130.4bn from $131.7, per the weekly release.

The figure fell from a two-year high on payments of offshore borrowings. The

data was scrutinised for hints re: magnitude of BI's interventions in FX mkts.