The Indonesian rupiah strengthened to around 16,630 per dollar on Thursday, sustaining gains for a fifth straight session amid steady foreign inflows after Bank Indonesia kept its policy rate at 4.75% for the second meeting earlier this month, following a cumulative 150 bps of cuts since September 2024. The central bank has signaled that its near-term policy focus will prioritize currency stability and attracting portfolio inflows while improving policy transmission. Confidence was further lifted by Indonesia’s current account turning to a surplus in Q3, its first in 2-1/2 years and the largest since Q3 2022, driven by a wider non-oil trade surplus and higher secondary income. Still, strength was tempered as traders turned cautious ahead of key local data next week, including November inflation and October trade figures. Globally, the dollar index fell below 99.5, its lowest in nearly two weeks, marking a fourth session of declines amid rising expectations of additional Fed rate cuts.