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The rupiah traded below 14,800 per dollar as Indonesia reported 686 new COVID-19 cases, bringing its total to 23,851 with 1,473 deaths. The government plans to ease lockdown restrictions from June 1 despite President Widodo's warning of a second wave.
US-China tensions also weighed on Asian currencies.
A weaker rupiah raises the local-currency cost of imported feed inputs such as soymeal and corn, while the easing of lockdowns may gradually lift feed demand. The effect on commodity prices is limited because the story is mainly routine currency movement.
octaafrica.netMay 28, 2020Not 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.
