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USD/IDR slips toward 18,000 as higher oil and yields pressure IDR

USD/IDR last closed around 17,975, and OCBC says the current setup keeps upside risks for the pair.

Reported · Written up by our desk · Major Pairs

OCBC, via analyst Christopher Wong, said USD/IDR briefly traded back toward 18,000 as higher oil prices, elevated US Treasury yields, and a firm US dollar weighed on the Indonesian rupiah, according to FXStreet.

Wong also said Bank Indonesia has shifted FX intervention toward NDF and DNDF, which it views as more effective and less reserve intensive.

OCBC warned that structural external pressures and a less favourable environment may keep risks skewed toward further USD/IDR gains, adding that the IDR would need easing in US Treasury yields, oil, and the US dollar to stabilize more convincingly.

FXStreet reported USD/IDR last closed around 17,975, with OCBC noting bullish momentum on the daily chart remains intact despite RSI moving toward near overbought conditions.

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