Indonesian Rupiah was one of the least performing currency in Asia in November which has gone some way to correct the overbought conditions in October when it rose 7.2%.

Bank Indonesia eased its monetary policy by delivering an RRR cut in November. The central bank left benchmark rate at 7.5% in December. Sentiment among business stay comparatively weak and the momentum of fiscal spending will be crucial for growth pace.

While the growth in investment was a pullback on GDP, it seems that the spending rose in second half of  2015. The government now expects less than 92 % of target by 2015 end with tax revenue at 85%.

"BI will retain an easing bias through 2016, but consensus already expects two 25bps rate cuts by end-2016", says RBC Capital Markets in a research note.