USD/IDR Price News: Indonesian rupiah bounces-off two-month lows of 14,855

The Bank Indonesia (BI) Deputy Governor Dody Budi Waluyo said on Monday, the Indonesian central bank expects U-shaped recovery from COVID-19 pandemic.

Additional comments

“Q2 GDP seen within a range of -4% to -4.8% YoY.”

“Capital outflows from emerging market assets due to risk-off sentiment, investors fearing a prolonged downturn.

“Monetary expansion transmission to the banking system has not been smooth.”

Market reaction

Despite the downbeat remarks, the Indonesian rupiah keeps its recovery mode intact from fresh two-month lows of 14,855 reached against the US dollar earlier today.

USD/IDR was last seen trading at 14,814, still up 1.33% on a daily basis.