Dollar Kicked Everywhere: Rupiah, Won-Yen Mighty, Ringgit Weeps
Jakarta, CNBC Indonesia – Asian currencies opened the trading week with a positive performance. The weakening of the US dollar allowed the majority of currencies in the region to strengthen in Monday’s trading (3/8/2026).
According to Refinitiv data as of 09.15 WIB, of the ten Asian currencies monitored, eight strengthened against the US dollar, while one weakened and another remained flat.
The rupiah also moved positively. The Garuda currency strengthened 0.06% to Rp17,980/US.ThegainbroughttherupiahbackbelowthepsychologicallevelofRp18, 000/US.
However, the sharpest appreciation was still recorded by the South Korean won. The won surged 0.90% to KRW1,429/US$, making it the best-performing Asian currency this morning.
The Japanese yen also strengthened significantly, rising 0.65% to JPY156.54/US$. The yen’s appreciation came as the market continued to watch for potential further intervention by the Japanese authorities, as well as assistance from the United States.
The intervention came after the yen previously hovered around its weakest level in 40 years.
The Philippine peso also strengthened 0.30% to PHP61.030/US, followedbytheThaibaht, whichrose0.24.
The Singapore dollar strengthened 0.08%, the Taiwan dollar rose 0.04%, while the Vietnamese dong gained slightly by 0.01% to VND26,289/US$.
On the other hand, the Malaysian ringgit was the only Asian currency to weaken. The ringgit fell 0.05% to MYR4.085/US, whiletheChineseyuanremainedflatatCNY6.7509/US.
The strengthening of the majority of Asian currencies this morning came alongside a weaker US dollar. The US dollar index (DXY), which measures the greenback against six major world currencies, was down 0.21% at 99.707 at the same time.
The US dollar remained under pressure after weakening by more than 1.5% last week. Pressure on the greenback was also triggered by buying of the yen, which has been the main focus of the foreign exchange market in recent days.
Beyond the yen factor, falling oil prices also weighed on the US dollar. Global oil prices weakened after US President Donald Trump said he had called off a strike against Iran and that talks between the two parties would take place on Monday.
The decline in oil prices eased some concerns about global inflation. This added further pressure on the US dollar while giving Asian currencies room to strengthen.
Nevertheless, the market has not fully shed its caution. Investors’ focus this week will be on US labour market data, namely the nonfarm payrolls, due to be released on Friday. The data will be an important indicator of the condition of the US labour market and the direction of Federal Reserve policy.
OCBC analysts believe this week’s US economic data will be highly determinant of the market’s expectations for the Fed.
“A still-resilient labour market, or signs that disinflation is starting to stall, could increase pressure on the Fed to reinforce its credibility in fighting inflation,” OCBC analysts wrote, as quoted by Reuters.
OCBC also viewed the data coming in before the September FOMC meeting as highly important for the direction of US monetary policy.
“With two inflation reports and two labour market reports to be released before the September FOMC meeting, incoming data will be very important, starting with this week’s payrolls report,” OCBC wrote.