Further weakness could force USD/IDR to revisit the 14,812 area and probably below in the near term, suggested Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“USD/IDR dropped sharply to a low of 14,825 last Friday (29 Jul). While the rapid drop appears to be overdone, there is scope for USD/IDR to dip below the major support at 14,812 (55-day exponential moving average).”

“For this week, a sustained decline below this level is unlikely (the next support is at 14,780). Resistance is at 15,000.”