Indonesian Consumer Confidence dips to 123.1 in Aug, Rupiah off highs

The latest survey conducted by Bank Indonesia (BI), the Indonesian central bank, showed that the country’s Consumer Confidence Index extended its recent fall to 123.1 in August when compared to 124.8 booked in July.

The recovery in the USD/IDR pair gained traction after the Rupiah ran through offers on downbeat data. The spot bounced-off five-week lows of 14,142 to now trade at 14,155, modestly flat on the day.

The BI slashed its benchmark Repo rate to 5.50% earlier this month, in a move that caught the markets off-guard.