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The rupiah fell past the Rp 14,500 per dollar psychological level on July 20, its weakest point since October 2015. Bank Indonesia attributed the drop to a deliberate yuan devaluation by China's central bank and expectations of up to four Fed rate hikes this year.
The central bank said Indonesia's currency still performed better than those of India, Mexico, Poland and Brazil.
A weaker rupiah and a stronger dollar raise the cost of imported feed ingredients and freight for Indonesian buyers. Yuan weakness and Fed tightening also tighten dollar liquidity across emerging markets.
cnbcindonesia.comChandra Gian AsmaraJul 21, 2018Not enough comparable past events yet for a historical read.
After 398 past bullish macro events, USDCNY moved a median +0.0% over 5 sessions (56% higher; middle half -0.3% to +0.5%), and +0.0% over 20.
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.
