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Trading Economics published this market news item, with source attribution at https://tradingeconomics.com/indonesia/currency.

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FX_IDC:USDIDR, PYTH:USDIDR, VANTAGE:USDIDR.TV

Rupiah Extends Gains on FDI Boost, Set for Modest Weekly Rise

The Indonesian rupiah hovered around IDR 17,960 per U.S. dollar on Friday, extending gains for a fourth session.Sentiment was supported by foreign direct investment, which surged 27.4% yoy in Q2, pointing to resilient investor confidence.Meanwhile, the government is preparing to stabilise food pric…

The Indonesian rupiah hovered around IDR 17,960 per U.S. dollar on Friday, extending gains for a fourth session.

Sentiment was supported by foreign direct investment, which surged 27.4% yoy in Q2, pointing to resilient investor confidence.

Meanwhile, the government is preparing to stabilise food prices amid El Niño-related supply risks after June headline inflation moved closer to the upper end of Bank Indonesia's target range.

For the week, the currency was set for a modest 0.2% rise after prior weakness, with S&P reaffirming Indonesia's investment-grade rating with a stable outlook.

However, gains were capped by higher oil prices and reports of fuel shortages in Sumatra.

Traders also braced for Bank Indonesia's policy meeting next week after it delivered a cumulative 100bp rate hike in May and June.

Globally, a softer U.S. dollar lent support, with the dollar index steady on Friday but on track for a weekly decline after cooler U.S. inflation tempered Federal Reserve rate hike bets.