In opinion of Quek Ser Leang at UOB Group’s Global Economics & Markets Research, USD/IDR should remain side-lined within the 14,270-14,380 range for the time being.

Key Quotes

“The sharp drop in USD/IDR to 14,240 and the subsequent swift rebound came as a surprise (we were expecting USD/IDR to trade sideways).”

“The rapid swings have resulted in a mixed outlook and for this week, USD/IDR could continue to trade in a choppy manner, expected to be between 14,270 and 14,380.”