USD/IDR: Rupiah hangs near 4-month lows as Bank Indonesia stands pat


At its May monetary policy meeting on Thursday, Indonesia’s central bank, Bank Indonesia (BI), left its 7-day reverse repo rate unchanged at 6.00%, meeting the market expectations.

The latest Reuters poll of 20 analysts published on Tuesday showed that the Indonesian central bank, Bank Indonesia’s (BI), was seen steering the key interest rate on a steady course for the sixth straight meeting, in the wake of escalating US-China trade tensions that weighs down on the Indonesian 

On the status-quo decision by the Indonesian central bank, the Indonesian Rupiah (IDR) remained unfazed and kept its range near fresh four-month lows reached against its American counterpart, with the USD/IDR cross hovering a few pips below the multi-month tops of 14,470 levels.

“Since a peak in mid-April - when unofficial vote counts showed President Joko Widodo securing a second term - the rupiah has dropped about 3 percent against the dollar, due to souring foreign investors sentiment for risky assets and a cyclical rise in dollar demand in Indonesia for offshore payments,” as cited by Reuters.

Meanwhile, the technical set up has turned in the favor of the bears, “USD/IDR’s relative strength index reporting overbought conditions for the first time since October”, as explained by FXStreet’s Analyst, Omkar Godbole.

USD/IDR Technical Levels

USD/IDR

Overview
Today last price 14464
Today Daily Change 31.9500
Today Daily Change % 0.22
Today daily open 14432
 
Trends
Daily SMA20 14242.3775
Daily SMA50 14209.741
Daily SMA100 14169.325
Daily SMA200 14478.5198
Levels
Previous Daily High 14548
Previous Daily Low 14402
Previous Weekly High 14505
Previous Weekly Low 14211
Previous Monthly High 14718
Previous Monthly Low 13974.25
Daily Fibonacci 38.2% 14492.228
Daily Fibonacci 61.8% 14457.772
Daily Pivot Point S1 14373.3333
Daily Pivot Point S2 14314.6667
Daily Pivot Point S3 14227.3333
Daily Pivot Point R1 14519.3333
Daily Pivot Point R2 14606.6667
Daily Pivot Point R3 14665.3333

 

 

Share: Feed news

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

USD/JPY pops and drops on BoJ's expected hold

USD/JPY pops and drops on BoJ's expected hold

USD/JPY reverses a knee-jerk spike to 142.80 and returns to the red below 142.50 after the Bank of Japan announced on Friday that it maintained the short-term rate target in the range of 0.15%-0.25%, as widely expected. Governor Ueda's press conference is next in focus.  

USD/JPY News
AUD/USD bears attack 0.6800 amid PBOC's status-quo, cautious mood

AUD/USD bears attack 0.6800 amid PBOC's status-quo, cautious mood

AUD/USD attacks 0.6800 in Friday's Asian trading, extending its gradual retreat after the PBOC unexpectedly left mortgage lending rates unchanged in September. A cautious market mood also adds to the weight on the Aussie. Fedspeak eyed. 

AUD/USD News
Gold consolidates near record high, bullish potential seems intact

Gold consolidates near record high, bullish potential seems intact

Gold price regained positive traction on Thursday and rallied back closer to the all-time peak touched the previous day in reaction to the Federal Reserve's decision to start the policy easing cycle with an oversized rate cut.

Gold News
Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

In its Consensus Layer Call on Thursday, Ethereum developers decided to split the upcoming Pectra upgrade into two batches. The decision follows concerns about potential risks in shipping the previously approved series of Ethereum improvement proposals.

Read more
Bank of Japan set to keep rates on hold after July’s hike shocked markets

Bank of Japan set to keep rates on hold after July’s hike shocked markets

The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session. 

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Forex MAJORS

Cryptocurrencies

Signatures