India's Foreign Inflows Support Regional Stability Amid NZD/IDR Weakness
India's recent influx of foreign currency inflows has had an indirect impact on regional markets. Over the past 11 weeks, India has secured $73 billion in foreign currency inflows, mainly through non-resident Indian deposits, which has contributed to maintaining rupee stability.
The stability of the Indian rupee has increased regional monetary stability, but this has minimal direct impact on the New Zealand Dollar vs Indonesian Rupiah exchange rate. The NZD/IDR remains under bearish pressure with its price below key moving averages, indicating a persistent near-term pressure.
According to technical analysis, the NZD/IDR is projected to range between Rp10,465 and Rp10,570 over the next 2-3 sessions, with a 68% probability of further downside. This suggests that the pair may continue to experience weakness in the coming days.