According to Markets Strategist Quek Ser Leang at UOB Group, USD/IDR is seen navigating within the 14,610-14,960 range in the short term.

Key Quotes

“We highlighted last Monday (10 Apr, spot at 14,905) that ‘weakness in USD/IDR has yet to stabilize’ and held the view that USD/IDR ‘could weaken further but February’s low of 14,830 is likely out of reach’. The anticipated weakness exceeded our expectations as USD/IDR plummeted to 14,640 on Friday.”

“Severely oversold conditions suggest that USD/IDR is unlikely to weaken much further. This week, USD/IDR is more likely to trade in a range, expected to be in a range of 14,610/14,960.”