The Indonesian rupiah was trading at 14,890 against the greenback on Monday around 04:00 AM GMT following an earlier of 14,830, as investors were nervous following news that Southeast Asia’s largest economy may contract further in Q2. Bank Indonesia’s senior deputy governor Destry Damayanti said the economy may shrink between 4% qoq to 4.8% in Q2, as the government is struggling to contain the virus crisis. She added that the central bank expects a U-shaped recovery for the economy from the downturn caused by the pandemic. In Q1, the economy contracted by 2.41%.
