USD/IDR Price News: Indonesian rupiah off weekly highs on worsening 2020 GDP outlook
|Speaking at an online seminar on Friday, Febrio Kacaribu, Chief of the Indonesian government’s fiscal policy office, said that they have made a downward revision to the 2020 GDP forecasts, in the face of the looming coronavirus risks.
Key details
“Finance ministry revised its outlook for 2020 gross domestic product (GDP), now expecting flat economic growth or a contraction of slightly below 0%.”
“The previous outlook was a change in 2020 GDP of between -0.4% to 1% compared with the size of the economy in 2019.”
“Authorities are working to avoid two straight quarters of GDP contraction in the second and third quarters and are hoping for fourth-quarter GDP expansion of 2%-3%.”
USD/IDR off weekly lows
The Indonesian rupiah lost its recent recovery momentum following the downward revision to the growth forecasts, as it eased off one-week highs of 14,512.50 reached against the US dollar in early Asia.
USD/IDR was last seen trading at 14,589.50, up 0.30% on a daily basis.
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.