USD/IDR is forecast to trade within the 15,250-15,450 range for the time being, according to Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

“We expected USD/IDR to trade sideways between 15,200 and 15,350 last week. However, USD/IDR to rose to a high of 14,475 on Friday. The advance, was however short-lived as USD/IDR fell sharply upon opening today. The decline amid overbought conditions suggests USD/IDR is unlikely to advance further.”

“This week, USD/IDR is more likely to consolidate between 15,250 and 15,450.”