USD/IDR Price News: Indonesian rupiah keeps three-week lows after Retail Sales slump

Dhwani Mehta FXStreet

Indonesia's Retail Sales plunged by 12.3% on the year in July vs. a 17.1% slump seen in June, the latest survey conducted by Bank Indonesia (BI), the Indonesian central bank, released on Wednesday.

An uptick in purchases of food, beverages, and tobacco slowed the decline in Retail Sales.

The Bank Indonesia survey predicted sales in August to fall by 10.1% YoY, Reuters reports.

FX Implications

The Indonesian rupiah (IDR) remains under heavy selling pressure against the US dollar despite an improvement in Indonesia’s Retail Sales. USD/IDR adds 0.60% to trade at 14,850, at the time of writing.

The cross hit a three-week high at 14,860 in early dealings.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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