USD/IDR is in demand, with the rupiah....>

DOLLAR-IDR: USD/IDR is in demand, with the rupiah being one of the worst

performers in Asia. The move occurs as panic has taken hold of markets, after

Saudi Arabia reportedly decided to boost crude output & slash prices, as it has

launched a "price war" with Russia. The news hammered crude oil mkts & inspired

sharp risk-off flows, as it came against the backdrop of continued worry about

the Covid-19 epidemic, with one eye on North Korea's recent missile tests.

- Pres Widodo adviser told BBG that the gov't is assessing the impact of tanking

oil prices on exports of palm oil & coal, Indonesia's key commodities.

- BI Gov Warjiyo said that the central bank is ramping up its interventions in

FX, bond & NDF mkts, and will cooperate with the gov't & financial authorities.

- On the data front, local cons. conf. index slipped to 117.7 from 121.7.

- With the rate sitting +122 pips at IDR14,364, bulls set their sights on the

Mar 2 cycle high of IDR14,364. Should the level give way, the May 22 high of

IDR14,528 would appear in sight. Bears need a correction through the IDR14,200

mark to start with, hoping for a deeper fall through the Mar 4 low of IDR14,108.