Indonesian Rupiah: MSCI shock keeps Rupiah pressured – OCBC

OCBC remains cautiously negative on the Indonesian Rupiah (IDR) after MSCI proposed reclassifying Indonesia from emerging market to standalone status, triggering sharp equity outflows and USD/IDR gains. The bank expects Bank Indonesia’s (BI) intervention to cap volatility but sees a sustained recovery needing clearer reforms and better external conditions, with 18,190 flagged as key resistance and Fibonacci supports below.