Global Pressure Weakens Rupiah and Other Asian Currencies

Jakarta — The Indonesian rupiah weakened further in spot market trading on Monday, 2 March 2026. The currency closed at Rp 16,868 per US dollar, depreciating 0.48 per cent compared to Friday’s close of Rp 16,787 per dollar.

The rupiah’s decline reflected broader pressure affecting most Asian currencies against the US dollar. The Thai baht led losses with a 1.35 per cent decline. The Philippine peso closed weaker by 0.90 per cent, while the Malaysian ringgit depreciated 0.89 per cent. The Japanese yen also came under pressure, declining 0.69 per cent.

The Indian rupee fell 0.53 per cent, and the Chinese yuan dropped 0.33 per cent against the US dollar in the afternoon session. The Hong Kong dollar was the sole Asian currency to strengthen, gaining a modest 0.02 per cent against the greenback.

Currency analyst Lukman Leong from Doo Financial Futures attributed the rupiah’s weakness to heightened risk-off sentiment stemming from escalating Middle East tensions. “The rupiah is expected to weaken against the US dollar amid risk-off sentiment from the escalation of conflict in the Middle East,” Leong stated.

However, Bank Indonesia is anticipated to implement stabilisation measures through intervention in the foreign exchange market and bond market to keep the rupiah’s movement under control. These efforts aim to dampen excessive volatility and maintain market confidence in macroeconomic stability.