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Rupiah weakens as FX demand rises and portfolio outflows persist
USD/IDR was near 17,980 in Asian trading, with traders watching Indonesia’s August trade data and September inflation.
USD/IDR rebounded from the prior session and traded around 17,980 during Asian hours on Monday, as the Indonesian rupiah faced ongoing selling pressure.
FXStreet reports the pressure reflects robust foreign-exchange demand from importers and continued portfolio outflows from domestic assets, according to a central bank official.
Traders also remained cautious ahead of major releases later this week, including Indonesia’s August trade data, September inflation figures, and manufacturing activity metrics.
The article adds that USD/IDR gained as the US dollar drew support from hawkish signals from Federal Reserve officials, with money markets pricing a 65.9% chance of a benchmark rate hike, according to the CME FedWatch Tool.