Rupiah Exchange Rate 9 March 2026: Plummeting to Rp17,000 per US Dollar, Effect of Iran Conflict

The Indonesian rupiah against the US dollar experienced severe pressure in early week trading on Monday 9 March 2026. The Garuda currency plummeted past a new psychological level at Rp17,000 per US dollar, triggered by escalating Middle East conflict and a surge in global crude oil prices.

Based on spot market data at 09:02 WIB, the rupiah opened significantly weaker at Rp17,010 per US dollar. This figure indicated a depreciation of approximately 0.5% compared to Friday’s 6 March close, which stood at Rp16,925.

The current global financial market conditions are in risk-off mode, whereby investors tend to avoid risky assets in developing countries and shift towards safe haven assets.

Analysts projected the rupiah would move within the range of Rp16,850 to Rp17,100 per US dollar throughout the day. Market focus is centred on Bank Indonesia’s monetary policy in conducting intervention in the foreign exchange and bond markets to curb excessive volatility.

Besides the rupiah, the Jakarta Composite Index (IHSG) was also reported to open in the red, declining by 3.95% to level 7,285 at this morning’s trading opening.