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

 

 

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