Search ForexCrunch

The Indonesian rupiah (IDR) fails to benefit from the upbeat comments delivered by the Bank Indonesia’s Governor Perry Warijyo on Wednesday.

Indonesia’s central bank governor said that the rupiah has the potential to strengthen as it remains undervalued, and stressed that a stronger currency has a positive impact on the economy, per Reuters.

The domestic currency remains undermined by growing coronavirus fears amid easing of the economic restrictions, especially after the country recorded the highest one-day increase in new infections a day ago. This nervousness negated the optimism over Jakarta re-opening up from the lockdown.

Meanwhile, the spot also stands resilient to broad US dollar weakness, as all eyes now remain on the Fed decision and economic projections for fresh trading impetus.

At the time of writing, USD/IDR rallies 1.55% to 14055.

USD/IDR technical levels

 

Expert score

5

Etoro - Best For Beginner & Experts

  • 0% Commission and No stamp Duty
  • Regulated by US,UK & International Stock
  • Copy Successfull Traders
Your capital is at risk.