Indonesia Rate Hike May Not Be Enough to Spur a Rally in Rupiah [BNN Bloomberg (Canada)]
StoneX Group Inc. (SNEX)
Company Research
Source: BNN Bloomberg
The rupiah's revival will depend on whether Bank Indonesia's policies can spur foreign inflows, which may lag given low relative spreads offered by local bonds over US Treasuries, they said. Expectations of Federal Reserve rate cuts are also key, they said. Here's what analysts and strategists had to say: Aditya Sharma, an emerging market strategist at Natwest Markets in Gurugram, near New Delhi “The rate decision should be marginally positive for the rupiah. Repatriation-related flows led by dividend payment seasonality in April and May might continue to pressure the rupiah but BI is likely to lean against currency weakness via FX interventions and by stepping up support,” for the currency. Still, “portfolio inflows could still struggle given the low relative premium for IndoGB vs US Treasuries and as investors will be cautious on local assets given the volatility in the rupiah. SRBI yields look relatively attractive but investors might find more favorable yields elsewhere i
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