The Indonesian Rupiah was a surprise outperformer in January. Economists at MUFG Bank expect the USD/INR to stabilize in the short-term before moving to 14,500 by year-end.

Some near-term consolidation after strong January gains

“For USD/IDR, we see some near-term consolidation after strong January gains. Thereafter, we retain our view of the IDR making more inroads against the USD later this year.”

“We forecast USD/IDR at 14,500 by the end of 2023.” 

See – USD/IDR Price News: Rupiah rises towards $15,000 on upbeat Indonesia GDP, focus on China, Fed updates