BI Survey: Indonesia's Retail Sales plunge by 4.5% YoY in March, Rupiah off five-day top
|Indonesia's Retail Sales plunged by 4.5% on the year in March vs. a 0.8% drop seen in February, the latest survey conducted by Bank Indonesia (BI), the Indonesian central bank, released on Tuesday.
This was the sharpest drop since August 2011.
The Bank Indonesia survey predicted sales in April to contract further by 11.8% YoY, Reuters reports.
FX Implications
The Indonesian Rupiah (IDR) extends the fall from a five-day high reached vs. the US dollar at 14,885 on Monday, as a big slump in Indonesia’s Retail Sales weighs.
At the press time, the USD/IDR cross trades at 14,962, up 0.76% so far, flirting with daily highs of 14,970.
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