Indonesian Rupiah At 3-day High Against U.S. Dollar
March 16 2016 - 11:44PM
RTTF2
The Indonesian rupiah advanced against the U.S. dollar in early
European deals on Thursday, as emerging assets saw demand after the
Fed sounded dovish by slashing its rate outlook.
The Fed signaled only two quarter-point hikes by the end of
2016, rather than four projected at its December meeting, taking
into account an appreciating dollar, the absence of inflation
pressures and the negative impact of the global financial
turmoil.
The central bank of Indonesia will announce the outcome of its
two-day policy meeting today. Most economists expect the bank to
cut its benchmark reference rate by 25 basis points to 7 percent to
support economic growth.
The Indonesian rupiah strengthened to a 3-day high of 1301
against the greenback, compared to yesterday's closing value of
1327. The rupiah is likely to find resistance around the 128
zone.
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