Indonesian Rupiah Extends Gains on July Manufacturing PMI Expansion
The Indonesian rupiah strengthened for a fourth straight session, pushing USD/IDR down to around 18,040, after an expansion in the country's manufacturing PMI for July signaled improving economic conditions.
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The rupiah maintained its upward momentum on Monday as data showed the manufacturing sector expanded in July. USD/IDR traded near 18,040 during Asian hours, marking the fourth consecutive day of declines for the pair.
The encouraging PMI reading supported views that domestic demand is holding up, reducing near-term pressure on the currency. Investors now look ahead to further economic releases for direction.
Source: FXStreet Forex News