Indonesian Rupiah: BI succession supports IDR against US Dollar – OCBC
OCBC’s Sim Moh Siong and Christopher Wong note that Indonesian Rupiah (IDR) strengthened to near a two‑month high on a softer US Dollar (USD) after weak United States (US) payrolls and clarity over Bank Indonesia (BI) leadership, with Destry Damayanti nominated as sole governor candidate.
OCBC analysts Sim Moh Siong and Christopher Wong report that the Indonesian Rupiah (IDR) has surged to near a two-month high, aided by a weaker US Dollar (USD) and the clarity surrounding Bank Indonesia (BI) leadership following Destry Damayanti's nomination as the sole governor candidate. The decline in USD/IDR shows bearish momentum, with support levels at 17680–17580 and resistance around 17840–17950/970.
Upcoming risks include the US Consumer Price Index (CPI), oil prices, and the next BI meeting on August 19. BI leadership stability following Perry Warjiyo's departure bolsters the IDR, which strengthened overnight in response to weak US payrolls. The nomination of Destry Damayanti provides further confidence, emphasizing the importance of policy continuity.
While the USD remains softer, the IDR is better supported due to these factors. Bearish momentum persists on the daily chart, with the RSI nearing oversold territory and a directional bias skewed to the downside. Key support levels are 17680, 17620 (38.2% Fibonacci retracement of the 2026 low to high range), and 17580 (100-day moving average), while resistance levels are 17840 (23.6% Fibonacci), 17950/970 (21 and 50-day moving averages).
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