Indonesia’s Retail Sales plunged 14.9% on the year in October vs. an 8.7% drop seen in September, the latest survey conducted by Bank Indonesia (BI), the Indonesian central bank, released on Thursday.
The drop in the sales of food, beverages, tobacco and communication equipments contributed to the slump in the Retail Sales.
The Bank Indonesia survey predicted sales in November to plummet by 15.7% YoY, Reuters reports.
FX implications
The Indonesian rupiah (IDR) came under mild selling pressure against the US dollar following a sharp drop in Indonesia’s Retail Sales.
At the press time, USD/IDR adds 0.25% to trade at 14,115, recovering from daily lows of 14,095.
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