Indonesian Consumer Confidence dips to 121.8 in Sept, Rupiah at weekly highs

The latest survey conducted by Bank Indonesia (BI), the Indonesian central bank, showed that the country’s Consumer Confidence Index kept its downtrend intact and arrived at 121.8 in September when compared to 123.1 booked in August.

The USD/IDR pair extended the drop and hit fresh weekly lows at 14,120 despite the downbeat Indonesian data, as broad-based US dollar weakness continued to weigh on the cross.

The BI cut its key interest rate for a third straight month and took a series of other steps to bolster growth amid a deepening global economic slowdown. The seven-day reverse repurchase rate was lowered by 25 basis points to 5.25% on September, 19^th.