- Indonesia’s FX reserves decreased to USD 154.5 Bn, mainly caused by Rupiah stabilization amid portfolio outflows and payment of external debt.
- Rupiah under pressure as net inflow in bonds was countered by net outflow from SRBI and stocks.
- Weakening economic data and uncertainty over tariffs have weakened USD and increased market expectation of rate cuts.
- Export proceeds regulation will increase FX reserve, though possibly dampened by decline in nickel and coal prices.