There are risks for the Indonesian rupiah to depreciate to the 14,455 level vs. the dollar in the near term, noted Quek Ser Leang at UOB Group’s Global Economics & Markets Research.
“USD/IDR rallied strongly late last week and broke above the strong resistance at 14,395 earlier today (21 Jun).”
“While shorter-term conditions are overbough, the risk for this week is on the upside. The level to focus on is at 14,440. Looking ahead, there is another strong resistance at 14,455 but this level is unlikely to come into the picture this week. Support is at 14,330 followed by 14,315.”
