RRI.CO.ID, Jakarta - The Indonesian Rupiah weakened this morning to 17,660 per US Dollar. The currency had strengthened in the previous trading session.
Investors are focusing on global risks, especially recent geopolitical tensions in the Middle East. The uncertainty has pressured the Rupiah to move back into the red.
The US President said negotiations with Iran are in the final stage. Details are still unclear, but markets continue to speculate about the outcome.
Global crude oil prices dropped this morning to levels between $98 to $105 per barrel. The decline is seen as positive signal for Asian stock markets.
Most Asian stock markets rose, and the Indonesian stock index (IHSG) initially opened higher. However, IHSG fell back into negative territory later in the session.
Domestic market pressure is also driven in part by the government’s plan to create a single state-owned export company. Investors viewed the plan negatively, seeing potential risks to market competition.
Gold prices climbed above $4,500 per troy ounce, around $4,547 currently. In Indonesian Rupiah, gold trades near 2.59 million per gram, providing a safe-haven option amid uncertainty.
Writer: Gunawan Benjamin (Economist, Islamic University of North Sumatra)
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