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The latest development could boost the rupiah and the Jakarta Composite Index in the interim. We’ve started to see some positive sentiment in the currency.
The one month Non-Deliverable Forward contracts opened this morning 0.1% higher at 11,738.
The Indonesian currency has gained around 4% year-to-date against the greenback. However, USD/IDR has been largely consolidating since the July electoral victory by Jokowi with the court decision process.
With that out of the way and less political uncertainty now, we’ll be watching out for a breakout and whether USD/IDR will weaken towards its next support level. That could be the case if it breaks below the 11,722 support level and test its next support at 11,500.