Indonesian Rupiah hits record lows on MSCI index concerns, political uncertainty
USD/IDR rises after opening at a bullish gap, trading around 18,260 during Asian hours on Thursday. The currency pair climbed to a fresh record high of 18,272 amid renewed concerns over Indonesia’s emerging-market status.
The Indonesian Rupiah experienced record lows against the US Dollar following MSCI's decision to drop a local company from its index. This decision, combined with political uncertainty surrounding Vice President Gibran Rakabuming Raka's resignation, led to concerns about Indonesia's emerging market status and potential reclassification.
The USD/IDR pair surged to a fresh record high of 18,272, driven by hawkish Federal Reserve policy expectations and hotter-than-expected US inflation data. Technical analysis shows strong bullish momentum, with the 14-day RSI at 66.99 and support near the nine-period EMA at 18,147.87.
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