In the view of Markets Strategist Quek Ser Leang at UOB Group, USD/IDR is now expected to navigate within the 14,550-14,740 range.

Key Quotes

“While we expected USD/IDR to weaken further last week, we were of the view that ‘any decline is likely to be at a slower pace and is unlikely to break the major support at 14,440’. Our view was not wrong as USD/IDR dropped to a low of 14,560 and then rebounded to end the week little changed at 14,670 (+0.03%).”

“The weakness in USD/IDR appears to have stabilized and it is unlikely to weaken further. This week, USD/IDR is more likely to consolidate, expected to be between 14,550 and 14,740.”