USD/IDR: Rupiah unfazed near 14,150 post-Bank Indonesia’s status-quo

At its April monetary policy meeting on Thursday, Indonesia’s central bank, Bank Indonesia (BI), decided to maintain its 7-day reverse repo rate at 6.00%, disappointing expectations of a rate cut.

With Indonesian President Joko Widodo making a renewed effort to boost economic growth as he prepares for a second term in office, markets had priced-in the central bank to cut rates in its attempt to spur growth.

Meanwhile, the Indonesian Central Bank Governor Perry Warjiyo told reporters on Tuesday that the policies will be maintained towards controlling the country’s widening current account deficit and keeping its financial assets attractive for investors.

On the status-quo decision by the Indonesian central bank, the Indonesian Rupiah (IDR) remained little affected against its American counterpart, with the USD/IDR cross maintaining its upside consolidative mode near 14,150 levels.

The technical set up remains in the favor of the bulls, should the spot close above the channel hurdle of 14,145, as explained by FXStreet’s Analyst, Omkar Godbole.

USD/IDR Technical Levels