ASEAN Macro Daily(Beta Mode)
Rupiah Slides to Record Low as BI Tightens FX Rules
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| JCI | 6,127.38 | -0.05% |
| SET | 1,568.37 | -0.04% |
| KLCI | 1,683.07 | -0.11% |
| PSEi | 5,768.76 | -1.56% |
| STI | 5,037.86 | +0.98% |
| USD/IDR | 17,879.00 | +0.22% |
| USD/THB | 32.64 | +0.31% |
| USD/MYR | 3.96 | -0.32% |
| USD/PHP | 61.71 | +1.64% |
| USD/SGD | 1.28 | +0.23% |
| Brent Crude | 95.09 | +3.30% |
| Gold | 4,512.30 | -1.06% |
| Bitcoin | 71,207.77 | -3.22% |
| Indonesia 10Y Govt Yield | - | - |
| Thailand 10Y Govt Yield | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
USD/IDR 3M | Type: market_hloc | USD/IDR: 1.788e+04 (2026-06-01) | Range: 1.675e+04–1.788e+04 | Trend(6pt): 1.68e+04,1.687e+04,1.713e+04,1.73e+04,1.784e+04,1.788e+04
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Trade Balance | 3,320m | 1,500m | 00:00 |
| Inflation Rate Year-over-Year | 2.42 | 2.97 | 00:00 |
| Inflation Rate Year-over-Year | 7.20 | - | 21:00 |
- Indonesia’s rupiah hits record lows near 17,879 per USD amid capital outflows and global uncertainty, prompting BI to tighten dollar purchase rules.
- Thailand posts record $7.6 billion current account deficit in April, raising dual-deficit risks and keeping baht under pressure.
- Regional equities mixed with PSEi falling 1.56% while STI gains 0.98%; Brent crude jumps 3.30% to $95.09.
Yesterday's Recap
Indonesia dominated ASEAN moves as the rupiah weakened further to 17,879 against the USD, up 0.22% on the day, with stocks and bonds also under pressure. Bank Indonesia cited global uncertainty and moved to tighten dollar purchase rules to stem outflows. Thailand recorded a record $7.6 billion current account deficit in April, driven by rising imports and slower tourism recovery, sparking debate on longer-term baht weakness.
Malaysia’s official reserve assets stood at US$129.73 billion at end-April, providing a buffer for the ringgit which edged 0.32% stronger to 3.96. Philippines equities led regional declines with PSEi dropping 1.56% to 5,768.76. Singapore’s STI rose 0.98% to 5,037.86 on month-end positioning.
JCI closed at 6,127.38, down 0.05%, SET at 1,568.37, down 0.04%, and KLCI at 1,683.07, down 0.11%. No major data releases occurred across the region on 31 May.
The Day Ahead
Indonesia releases May trade balance and inflation rate year-over-year on 2 June, with consensus pointing to inflation rising to 2.97% from 2.42% and trade balance narrowing to $1.5 billion from $3.32 billion. Philippines inflation data follows on 4 June. Market participants will watch for any further BI signals on rupiah support measures.
Thailand’s tourism arrivals and CPI prints are also due, though BoT is expected to stay on hold. Regional FX desks remain focused on USD strength and oil price volatility.
Other Economic Notes
Supply-chain shifts continue to favor Vietnam and Malaysia, though recent data show Indonesia’s commodity exports softening. Thailand faces structural pressure from persistent current-account deterioration and weak domestic demand. Malaysia’s reserve position remains adequate, supporting a relatively stable ringgit outlook versus regional peers.
Broader ASEAN inflation remains contained outside the Philippines, limiting near-term policy tightening.
