Versus ASEAN currencies, it was thus a mixed bag. A notable outperformer was IDR despite the Bank of Indonesia delivering a rate cut (as expected). The central bank continues to closely monitor the Rupiah’s level, with Coordinating Economic Minister Darmin Nasution saying that the country sees room for it to strengthen further.
The US Dollar did appreciate this past week against the Indian Rupee and Singapore Dollar. The INR tracked Indian government bond yields lower, with risk aversion sending the NIFTY 50 to its lowest since May by the end of last week. As for USD/SGD, it aimed cautiously higher in the aftermath of last week’s dismal Singaporean GDP report.