USD/IDR bounces off 23-month highs at 16,320
|While speaking to Reuters on Thursday, Indonesian President Joko Widodo expressed his displeasure with the recent appreciation in the Indonesian rupiah.
Widodo said that the rupiah strengthening too quickly may upset the exporters.
The rupiah jawboning by the Indonesian President seems to have capped the ongoing rally in the local currency, as USD/IDR attempts recovery from a 23-month low of 16,320.
Responding to the comments from Widodo, the Bank Indonesia’s (BI) Deputy Governor said that rupiah strengthens on improving fundamentals and that the BI is not seeing the need to intervene.
“Stronger rupiah will not harm exporters,” he added.
At the press time, the cross reverses most losses and trades at 13,655 levels. The rupiah benefits from the gains in its Asian peers as the greenback remains under pressure across the board after the US-China phase one deal was finally signed and delivered on Wednesday.
USD/IDR Technical levels to watch
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.