Rupiah remains pressured as Indonesia’s Q4 GDP disappoints with 4.97%
Fundamental Forex Analysis

Indonesia’s Retail Sales drop 0.3% YoY in Jan, Rupiah off six-day low

Indonesia’s Retail Sales dropped by 0.3% on the year in January vs. a 0.5% drop seen in December, the latest survey conducted by Bank Indonesia (BI), the Indonesian central bank, released on Tuesday.

The Bank Indonesia survey predicted sales in February to have remained weak, estimating a year-on-year drop of 1.9%, Reuters reports.

The total sales fell due to falling sales of clothes, auto parts and accessories.

FX Implications

The Indonesian Rupiah (IDR) reverses from a six-day low reached vs. the US dollar at 14,420 in the last hour, despite downbeat Indonesia’s Retail Sales data.

At the press time, the USD/IDR cross trades at 14,352, down 0.24% so far, flirting with daily lows of 14,349.50.

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