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Rupiah holds two-way as oil prices and global yields counter BI optimism
USD/IDR last settled around 17,857, with analysts pointing to waning bearish momentum and key levels at 17,940 resistance and 17,760 support.
OCBC analysts said Indonesian Rupiah weakness reflects higher oil prices and elevated global yields, even as domestic sentiment has improved following President Prabowo’s recent speeches and the nomination of a new Bank Indonesia governor. In their view, the IDR could trade in both directions in the near term as market momentum fades.
OCBC cited proposed fiscal deficit plans for 2027 and clarifications around a new commodity-export agency as factors that eased concerns about fiscal discipline and state intervention. The team also linked the BI governor nomination of Destry Damayanti to expectations of policy continuity.
On the charts, OCBC highlighted waning bearish momentum in USD/IDR, with daily bearish pressure still intact but momentum showing signs of turning. They said the pair is likely to remain sensitive to oil-price swings and broader risk sentiment, and that attention will shift to BI for FX stability and policy guidance.
FXStreet reported USD/IDR last closed near 17,857, with resistance around 17,940 near key moving averages and support around 17,760, alongside deeper support around 16,620 tied to a moving average and a 38.2% Fibonacci retracement level.