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Indonesian rupiah hits month low on concerns from banks, Fed and viruses

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Indonesian rupiah hits month low on concerns from banks, Fed and viruses

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The Indonesian rupiah was destined for its worst moment

day in four months on Thursday, like a rising double whammy

COVID-19 Cases and an Aggressive Twist by the US Federal Reserve

overshadowed its central bank’s promise to back the currency

more.

Other emerging Asian currencies were also weaker, led by a

1% decline in South Korean won, as the dollar hit

two-month highs after the Fed signaled it would increase interest

rates earlier than expected and consider reducing bond purchases.

Bank Indonesia (BI), which has cut rates by 150 basis points

and injected more than $ 57 billion in liquidity since 2020, it met

expectations by leaving rates at 3.50% and promised to continue

strengthen measures to stabilize the rupee.

The currency fell 0.7% to its lowest level in almost a

month, having weakened to 0.9% after the Fed reading

overnight and highest daily COVID-19 infections in Indonesia

count since the end of February.

Indonesia’s three-year benchmark yields lowered

previous gains and rose 1.1 basis points to 4.659%, while

The Jakarta stock index was down 0.1%.

Even as increased infections threaten to suffocate the

economic recovery, “emerging macro stability risks” limit BI

options to further relax the policy, analysts at Mizuho said.

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“This will get worse after the harsh surprise

from the US Fed overnight, which we expect will increase

depreciation pressures on the IDR “.

BI’s decision also came immediately after the World Bank.

suggesting that the country maintain its accommodative monetary policy

and make the rupee exchange rate more flexible amid

Pressure.

Fed indications of policy tightening could

emerging market central banks will soon follow suit, leading to

you could withdraw cash from those markets.

A Reuters poll showed investors had cut long bets.

in most emerging Asian currencies, partly because they weigh the

prospect of tighter monetary adjustments.

“The stage is set for what I feel is a period of

increased volatility as the narrative changes and traders adjust to

a future reduction in liquidity conditions, ”said Chris Weston,

Head of Research at the Pepperstone corridor.

Philippine shares, which have soared more than 11% in

the last three weeks, they fell more than 1% and suffered their biggest

drop of a day in more than a month.

Outperforming their regional peers, stocks in Thailand

gained 0.3% after the government said it planned

reopen the nation to visitors within 120 days and launch the

economy dependent on tourism.

If the government’s plan to fully reopen the country and

getting vaccines is successful, it would give the economy a chance

in the arm in the high season of tourism of the country in the fourth

quarter, analysts at Phillip Capital said in a note.

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HIGHLIGHT:

** In the Philippines, the main losers of the index are Bloombery.

Resorts fell 2.4%, Universal Robina fell

2.3% and Ayala Land fell 2.3%.

** Top SETI winners from Thailand include Thai Textile

Industry rose 22.02%, Jasmine Telecom Systems rose

18.8% and Finansia Syrus Securities increased 18%.

Asia Stock and Currencies Indices at 0730 GMT

COUNTRY FX RIC FX DAILY% FX YTD% INDEX STOCKS DAILY% STOCKS YTD%

Japan +0.03 -6.71 -0.93 5.74

China -0.51 +1.53 0.21 1.51

India -0.64 -0.99 -0.32 12.42

Indonesia -0.73 -2.09 -0.06 1.60

Malaysia -0.46 -2.78 -0.50 -3.49

Philippines -0.25 -0.72 -1.23 -3.53

South Korea -1.17 -3.91 -0.42 13.62

Singapore -0.16 -1.29 0.13 10.54

Taiwan -0.22 +2.63 0.48 04/18

Thailand -0.64 -4.46 0.22 12.35

(Reporting by Shashwat Awasthi in Bengaluru; edited by Aditya

Soni)

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