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Rupiah to be least volatile since 2012 on Widodo victory

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Rupiah to be least volatile since 2012 on Widodo victory

After Joko Widodo was declared winner of Indonesia’s presidential election, a gauge of swings in the rupiah was set for the biggest weekly drop in two years.

The rupiah’s one-month implied volatility, a measure of expected fluctuations used to price options, slid 228 basis points, or 2.28 percentage points, this week to 8.61% during morning trading in Jakarta – the biggest drop since June 2012.

The rupiah rose 0.2% from July 18 to 11,596 per dollar, prices from local banks show. It reached 11,483 on July 23, the strongest level since May 20. According to data compiled by Bloomberg, the currency fell 0.3% today, paring its monthly gain to 2.4%.

In the offshore market, one-month non-deliverable forwards climbed 0.3% this week to 11,635, 0.3% weaker than the onshore spot rate, data compiled by Bloomberg show. Bank Indonesia set a fixing used to settle the forwards at 11,591 per dollar today, compared with 11,706 on July 18.

The government’s 8.375% bonds due March 2024 were set for a fourth week of gains, the longest winning streak since March. According to the Inter Dealer Market Association, the yield dropped one basis point from July 18 to 8.04%.

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Mauritius,
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Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

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Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.