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Indonesian rupiah firms toward two-month high as dollar softens
OCBC analysts cite weak US payrolls and Bank Indonesia succession clarity, with USD/IDR technicals pointing to support near 17,680 to 17,580.
OCBC’s Sim Moh Siong and Christopher Wong said the Indonesian rupiah (IDR) strengthened to near a two-month high against the US dollar, helped by a softer USD after weak United States payrolls and by added clarity around Bank Indonesia leadership.
They noted that President Prabowo nominated Destry Damayanti as the sole governor candidate to succeed Perry Warjiyo, which removed an uncertainty factor for markets and added a domestic catalyst. The analysts also tied the move to expectations for policy continuity, including an emphasis on currency stability.
On the outlook, FXStreet’s OCBC commentary pointed to bearish momentum in USD/IDR and a downside bias. It cited key supports at 17,680 to 17,580, and 17,560 to 17,580 zone, with resistances around 17,840 and the 17,950 to 17,970 area, plus a technical picture where the 21-day moving average is below the 50-day moving average.
OCBC also flagged upcoming risks for the currency, including US Consumer Price Index data, oil prices, and the next Bank Indonesia meeting.