Rupiah depreciation amid Cadev’s downward trend. Beside the fourth FFR +75Bps increase in November, JCI pressure was affected by negative sentiment on coal price normalization and cigarette excise hike. On the other hand, the positive catalyst for the follow-up release of 3Q22 Earning Results, resisting JCI pressure or closing slightly lower by 0.1% within a week. ICE Newcastle’s benchmark of coal price went down about 10% WoW, breaking the psychological level of USD350/MT as coal supply improved. In the meantime, the Government has officially increased the cigarette excise by 10% in 2023 and 2024. Rupiah depreciated by more than 1% WoW, in line with the increasing demand for USD as the upcoming year-end, for debt repayment or revenue repatriation for foreign companies. For the record, Cadev Indonesia as of September is worth about USD130.80 billion (Vs. Aug. USD132.20 billion).

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