April 30, 2026 | 05:09 pm
TEMPO.CO, Jakarta - Indonesian rupiah on Thursday, April 30, 2026, closed at Rp17,353 per US dollar, down 27 points from yesterday's Rp17,326, marking the lowest point in rupiah exchange rate history since the 1998 monetary crisis.
Director of PT Traze Andalan Futures, Ibrahim Assuabi, projected the rupiah to remain swinging next Monday, but will "close weaker in the range of Rp17,350-Rp17,400 per US dollar," he said in a written statement on Thursday.
Quoting data from Trading Economics, on Thursday the Garuda currency plummeted past Rp17,380 per US dollar, declining for three consecutive sessions and reaching near the all-time low. Meanwhile, the Jakarta Interbank Spot Dollar Rate (Jisdor) from Bank Indonesia indicated the rupiah at 17,378 per dollar.
The strengthening of the US dollar has put pressure on regional currencies, influenced by external factors such as the raging war in the Middle East, according to Ibrahim. "US President Donald Trump is preparing for a prolonged naval blockade against Iran," he said.
Concerns about this scenario were exacerbated by reports of several prominent US oil executives meeting with Trump at the White House to discuss how to limit the conflict's impact on American families. A prolonged naval blockade is likely to prompt Iran to continue to block the Strait of Hormuz in retaliation. The closure of this shipping route indicates a greater disruption to global oil supplies.
Peace talks between the US and Iran have largely failed, and although Trump extended the ceasefire with Iran indefinitely, both sides have thus far rejected efforts to mediate talks.
Another sentiment came as the US central bank or the Fed, is seeking a new chair as Jerome Powell is set to conclude his term on May 15. Congratulating Kevin Warsh, Trump's preferred candidate to replace Powell, he said he will continue serving as Fed governor until political pressure subsides, adding that The Fed's independence is at risk.
Meanwhile, the domestic sentiment affecting exchange rate movements is global oil prices that remain high, with Brent crude futures exceeding US$100 per barrel. This results in an increased burden on energy subsidies and the 2026 state budget.
Read: Battered by the Exchange Rate
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