USD/IDR: China’s reopening should keep Rupiah supported – ING

Market news

8 February 2023

USD/IDR: China’s reopening should keep Rupiah supported – ING

The Indonesian Rupiah strengthened sharply in January. Economists at ING expect IDR to remain supported by China’s recovery.

IDR rally stalled by dovish BI

“Bank Indonesia (BI) hiked policy rates by 25 bps to help slow still-elevated core inflation. However, Governor Perry Warjiyo hinted that the current rate hike cycle was ending, which may help to cap further IDR appreciation.”

“China’s recovery and support for Indonesia’s commodity exports could help support the IDR this year.”

See: USD/IDR set to plunge to 14,500 by end-2023 – MUFG

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