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In opinion of Quek Ser Leang from Global Economics & Markets Research at UOB Group, USD/IDR is expected to navigate between 14,160 and 14,300 in the near term.

Key Quotes

“USD/IDR drifted to a low of 14,178 last week. Downward momentum has improved, albeit not by much and USD/IDR is unlikely to weaken much further”.

“For this week, USD/IDR is more likely to consolidate and trade between 14,160 and 14,300. Looking ahead, the risk for USD/IDR is tilted to the downside unless it can move above the major resistance at 14,320.”