USD/IDR set to plunge to 14,500 by end-2023 – MUFG

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The Indonesian Rupiah was a shock outperformer in January. Economists at MUFG Financial institution count on the USD/INR to stabilize within the short-term earlier than transferring to 14,500 by year-end.

Some near-term consolidation after robust January features

“For USD/IDR, we see some near-term consolidation after robust January features. Thereafter, we retain our view of the IDR making extra inroads in opposition to the USD later this 12 months.”

“We forecast USD/IDR at 14,500 by the top of 2023.” 

See – USD/IDR Worth Information: Rupiah rises in direction of $15,000 on upbeat Indonesia GDP, give attention to China, Fed updates