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Macro Score 45 Bearish

Indonesian Rupiah Hits Seven-Month Low Amid Oil Price Surge

Apr 23, 2026 03:47 UTC
IDR=
Short term

The Indonesian rupiah experienced its sharpest single-day decline since September as climbing oil costs weigh on asset sentiment. The currency has underperformed its regional peers throughout April.

  • Single-day drop of 0.8% to 17,310 per USD
  • Worst daily performance since September
  • Total April decline approaching 2%
  • Underperformance relative to Asian EM peers
  • Negative sentiment linked to rising oil costs

The Indonesian rupiah faced significant selling pressure on Thursday, marking its steepest one-day decline in seven months. The currency slid as much as 0.8%, reaching a level of 17,310 per U.S. dollar. This volatility is primarily attributed to rising global oil prices, which have dampened investor sentiment toward Indonesian assets. As energy costs climb, the resulting pressure on the national trade balance and fiscal outlook often triggers capital outflows from the local currency. The performance throughout April has been particularly weak, with the rupiah losing nearly 2% of its value over the course of the month. This trend has caused the currency to underperform relative to other emerging Asian currencies, highlighting Indonesia's specific vulnerability to energy price shocks. Market participants are now monitoring whether the rupiah can stabilize or if further oil price escalations will push the currency toward new lows. The move to 17,310 suggests a shift in short-term technical levels, potentially inviting further volatility if the energy market remains bullish.

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