USD/IDR opened lower today & last........>

DOLLAR-IDR: USD/IDR opened lower today & last changes hands -30 pips at

IDR14,235. It has drawn support from BI action (outlined below) & y'day's

reports about a planned teleconference of G7 FinMins & central bank chiefs re:

Covid-19, which fuelled expectations of a coordinated global policy response.

- Monday saw Indonesia ramp up its own policy measures. BI took five steps: (1)

intensified "triple intervention," (2) halved the US$ RRR to 4% (effective Mar

16), (3) lowered the IDR RRR by 50bp for banks serving clients dealing with

int'l trade (effective Apr 1), (4) moved to expand the range of alternative

hedging instruments against IDR holdings, and (5) encouraged foreigners to use

domestic banks as custodians for investment. BI Gov Warjiyo said that lowering

the US$ RRR "will boost banks' liquidity by $3.2bn."

- On the fiscal side, Econ Min Airlangga said that the gov't is readying a

second stimulus package, bigger than the IDR10.3tn one unveiled last week.

Planned measures include import levy cuts & fast-tracking export processes.

- Bears need the IDR14,200 mark to give way before targeting the Feb 28

low/200-DMA at IDR14,060/51. Bulls eye yesterday's cycle peak at IDR13,408.