Indonesian Consumer Confidence worsens to 117.7 in Feb, Rupiah flirts with 5-day low

The latest survey conducted by Bank Indonesia (BI), the Indonesian central bank, showed that the country’s Consumer Confidence Index slumps to 117.7 in February when compared to 121.7 booked in January.

FX implications

The USD/IDR pair clocked a fresh five-day high of 14,365 in the last hour, as escalating coronavirus fears led broad risk aversion and the oil price plunge weigh heavily on the Indonesian rupiah.

Note that the Indonesian economy is heavily dependent on oil revenues.

At the press time, USD/IDR trades at 14,360, up 1% on the day.