The Indonesian currency suffered amid the deteriorated risk sentiment. Nonetheless, economists at Westpac Institutional Bank are slightly upbeat regarding the Indonesian economy. USD/IDR trades at 14530.
“Volatility needs to settle at a lower level on a more sustained basis before investors add back decisively to their positions.”
“Near-term bias remains to the upside for USD/IDR, with the topside at 14520.”
“The Indonesian economy should be relatively less impacted by the coronavirus, while real yield differential remains supportive, but investors are likely to be patient.”