USD/IDR Price News: Indonesian rupiah off three-week lows despite poor Retail Sales

Dhwani Mehta FXStreet

Indonesia's Retail Sales slumped 16.3% on the year in November vs. 14.9% drop seen in October, the latest survey conducted by Bank Indonesia (BI), the Indonesian central bank, released on Tuesday.

Sales of telecommunication equipments and other household goods contracted in November, which collaborated with the slump in the Retail Sales.

The Bank Indonesia survey foresees a deeper contraction of 20.7% YoY in the sales in December, Reuters reports.

FX implications

The Indonesian rupiah (IDR) trims losses against the US dollar despite a slump in Indonesia’s Retail Sales.

At the press time, USD/IDR trades at 14,172, up 0.66% on a daily basis, having retreated from three-week highs of 14,207.

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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