Currencies of These Countries Hammered by US Dollar, What About the Rupiah?
The rupiah exchange rate has been under continuous pressure against the US dollar throughout this year. However, this pressure is not unique to the Garuda currency. Several other countries’ currencies have even recorded deeper depreciations against the US dollar.
On Thursday’s trading (30/4/2026), the rupiah weakened again, hitting an all-time closing low.
According to Refinitiv, the rupiah closed at Rp17,305 per US dollar. This level also marked the rupiah’s closing for April trading, with a 1.85% weakening against the greenback over the month.
When calculated from the beginning of the year or year-to-date (YTD), the Garuda currency has depreciated by 3.81% against the US dollar.
The pressure on the rupiah is inseparable from the strength of the US dollar and the surge in global oil prices following the outbreak of the US-Iran war at the end of February.
That conflict has triggered disruptions in global energy supplies, particularly after the Strait of Hormuz was closed. This route is one of the world’s key energy trade channels, as around 20% of global oil supplies pass through it.
For oil-importing countries like Indonesia, the rise in energy prices adds further pressure. The need for US dollars to pay for oil imports has increased, while risks of inflation and pressure on the trade balance have also grown.
However, the rupiah is not the only emerging market currency under pressure. In fact, several other countries’ currencies have recorded deeper weakenings against the US dollar so far this year.
Among them are the Indian rupee, Philippine peso, Turkish lira, and Egyptian pound.
Specifically for India and the Philippines, the comparison is more relevant as both are Asian countries that are quite dependent on oil imports, thus facing similar external pressures to Indonesia.
Indian Rupee Pressured by Oil Prices
The Indian rupee is one of the currencies that has weakened more deeply than the rupiah. Year-to-date, the Indian rupee has weakened by 5.87% against the US dollar to INR 95.16 per US dollar.
The Indian rupee hit an all-time low of INR 95.30 per US dollar on Thursday’s intraday trading (30/4/2026).
Market players assess that the rupee remains at risk of further weakening because rising oil prices could significantly increase India’s import burden. Concerns over potential wider conflicts in West Asia also add to investor anxiety.
Philippine Peso Also Deeper
In addition to India, the Philippine peso has weakened by 4.52% YTD against the US dollar to PHP 61.457 per US dollar.
The Philippines, like Indonesia and India, is also an oil importer. Therefore, the rise in global energy prices can pressure the peso through increased US dollar needs for import payments.
Turkish Lira and Egyptian Pound More Pressured
Deeper weakenings are also evident in the Turkish lira and Egyptian pound. The Turkish lira has weakened by 5.19% YTD against the US dollar to TRY 45.18 per US dollar.
Pressure on the lira is often linked to high inflation, external financing needs, and sentiment towards domestic economic policies.
Meanwhile, the Egyptian pound is one of the most pressured currencies. The Egyptian pound has weakened by 12.77% YTD to EGP 53.69 per US dollar.
Nepalese Rupee and Libyan Dinar Also More Pressured
Beyond those four major currencies, deeper pressure than the rupiah is also seen in the Nepalese rupee and Libyan dinar.
Both are not primary comparators due to different economic characteristics and financial markets from Indonesia, but they still record greater depreciations against the US dollar year-to-date.
The Nepalese rupee has weakened by 5.86% since the start of the year against the US dollar to NPR 152.24 per US dollar. Meanwhile, the Libyan dinar is the currency with the deepest weakening in this list, namely 17.23% YTD to LYD 6.33 per US dollar.