#USDIDR @ 15,570.0 : Rupiah bounces from two-year lows on Bank Indonesia’s expected 50 bps hike
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At its October monetary policy meeting on Thursday, Indonesia’s central bank, Bank Indonesia (BI), hiked its 7-day reverse repo rate by 50 bps from 4.25% to 4.75%, as widely expected.
The central bank Governor Warjiyo said in the policy statement that “Indonesia to monitor forex supply, strengthen policy to stabilize rupiah.”
On the expected rate decision by the Indonesian central bank, the Indonesian Rupiah (IDR) rebounded against its American counterpart, driving the USD/IDR from two-year highs of 15,587.50. At the press time, the spot trades 0.47% higher at 15,567.50.
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