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Indonesia’s Retail Sales plummeted by 20.6% on the year in May vs. a 16.9% slump seen in April, the latest survey conducted by Bank Indonesia (BI), the Indonesian central bank, released on Wednesday.

This was the biggest slump since October 2008.

The Bank Indonesia survey predicted sales in June to fall further by 14.4% YoY, Reuters reports.

FX Implications

The Indonesian rupiah (IDR) came under fresh selling pressure against the US dollar following a deeper fall in Indonesia’s Retail Sales. USD/IDR adds 0.25% to trade at 14,440, at the time of writing.  

The cross hit a daily low of 14,380 in early trades.