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Brights research says the rupiah weakened to a level last seen in October 2023 without clear negative drivers. Yields on US Treasuries and Indonesian government bonds were stable, and the dollar index rose only modestly year to date.
The firm estimates a fundamental fair value of 15,432 to 15,626 per dollar, which implies the move overshot.
A stable dollar index and steady bond yields suggest the rupiah's weakness is a local overshoot rather than a broad dollar rally, so the impact on import-dependent feed costs may be limited.
brights.idJan 29, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
