Business · Markets · 2 hrs ago

Rupiah Opens Lower at 18,145 per US Dollar

Rupiah Opens Lower at 18,145 per US Dollar

The rupiah weakened to 18,145 per US dollar at the start of trading in Indonesia on Tuesday.

This extended a decline from Monday, when the currency closed at 18,140 per dollar.

The US dollar index, which measures the dollar against six major currencies, rose slightly, limiting the rupiah’s room to recover.

Brent oil prices fell more than 7% on Monday after Iran said talks with the United States to end an eight-month war were continuing.

Cheaper oil can ease inflation concerns and reduce Indonesia’s foreign-currency needs for oil imports, but investor caution is supporting the dollar.

Concerns about AI-related stocks and uncertainty over the US midterm elections are also keeping demand for the dollar as a safe asset.

No further action or forecast for the rupiah was given.

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Sim Moh SiongOCBC foreign exchange strategist
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via CNBC Indonesia