Rupiah Stays Under Pressure, Slips to Rp 17,143 on Middle East Tensions
Jakarta. Rupiah weakened on Wednesday as escalating tensions in the Middle East and rising energy risks pressured emerging market currencies, with the local unit closing at Rp 17,143 per US dollar.
The rupiah depreciated 16 points from the previous close of Rp 17,127, after briefly weakening by as much as 20 points during the session.
Ibrahim Assuaibi, director at Traze Andalan Futures, said the currency came under pressure after reports that Iran’s port blockade had been fully enforced, amplifying geopolitical risks.
“The maritime blockade on Iran risks disrupting shipments through the Strait of Hormuz, which supplies around 20% of global oil consumption, with several Asia-Pacific countries heavily reliant on it,” Ibrahim said in a written statement on Wednesday.
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