The Indonesian rupiah weakened against the US dollar in July. Economists at MUFG Bank have updated their forecasts and now expect the USD/IDR to see more gains.
USD strength to persist in the coming months
“Owing to near-term dollar strength possibly persisting in the coming months, we move our USD/IDR forecast profile higher.”
“We forecast USD/IDR to move lower from 15,100 in Q3 and 15,200 in Q4 to 15,000 in Q1-2023 and 14,750 in Q2-2023.”