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Rupiah Outperforms Broader USD Strength

IDR

IDR is bucking the broader USD/Asia trend. USD/IDR spot is off 0.50% and back to 14500, with the 1 month NDF off by a similar amount.

  • This result is all the more impressive given onshore spot was closed yesterday and the USD has generally been trending higher over this period.
  • A trade minister official stated the government has issued export permits for nearly 180,000 tonnes of palm oil as of today. This covers 160 export permits for 18 companies.
  • This comes after the ban on palm oil shipments was lifted last week. The ban was in place for 3 weeks from the 28th of April, in order to bring down price pressures.
  • It was also reported that tourist arrivals jumped nearly 500% YoY for April.
  • Inflation data for May was a little weaker than expected, headline YoY at 3.55%, versus 3.59% expected. Core YoY rose to 2.58%, versus 2.70% expected. Both measures showed accelerating momentum compared to April.
  • Reuters also cited exporters selling USDs and offshore inflows into local bonds as supports. Offshore holdings of local bonds troughed back on May 19th and have edged up since then.
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