Rupiah Holds Near IDR17,900 Amid Steady Reserves, Elevated Dollar
The Indonesian rupiah remained near IDR 17,900 per U.S. dollar on Wednesday, little changed from the previous session, as September forex reserves held relatively steady at USD 146.3 billion, near a five-month high. Traders braced for domestic data later this week, including September consumer confidence and August retail sales. Meanwhile, Finance Minister Suahasil Nazara projected economic growth above 5.5% in H2 after 5.45% in H1, citing more targeted spending, improved efficiency, and tax incentives for key sectors. Separately, the World Bank underscored resilient household consumption and government outlays despite global headwinds. Meanwhile, Bank Indonesia continued to support the rupiah via spot, DNDF, and offshore NDF interventions, while shifting toward more cost-effective derivatives to preserve reserves. Globally, the dollar index steadied near 102, remaining elevated ahead of the Fed’s latest meeting minutes and further remarks from officials, capping room for rupiah gains.
S. 3 billion, near a five-month high. Traders braced for domestic data later this week, including September consumer confidence and August retail sales. 45% in H1, citing more targeted spending, improved efficiency, and tax incentives for key sectors.
Separately, the World Bank underscored resilient household consumption and government outlays despite global headwinds. Meanwhile, Bank Indonesia continued to support the rupiah via spot, DNDF, and offshore NDF interventions, while shifting toward more cost-effective derivatives to preserve reserves. Globally, the dollar index steadied near 102, remaining elevated ahead of the Fed’s latest meeting minutes and further remarks from officials, capping room for rupiah gains.