The USD/IDR is steady at 9,590 and is likely to stay below 9,600 for the rest of the day as no major capital outflows are expected from Indonesian markets. But customary month-end demand from importers will likely support the pair. "I think the dollar will be well supported around IDR9,580 Wednesday," a dealer says. He tips resistance at 9,595. The IMF says in its latest report that the rupiah is "moderately undervalued from a medium term perspective," reflecting the nominal depreciation of the rupiah resulting from portfolio outflows over the past 12 months.
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