Rupiah Exchange Rate on 25 March 2026: Weakens to Rp16,920 per US Dollar, Bank's Selling Rate Surpasses Rp17,000
The rupiah exhibited a weakening trend at the opening of trading today, Wednesday, 25 March 2026. Based on spot market data, the rupiah fell by 22 points or approximately 0.13% to Rp16,920 per US dollar, compared to the previous close at Rp16,898 per US dollar.
This weakening has placed the rupiah under significant pressure, as the selling rates at several major national banks have now surpassed the psychological threshold of Rp17,000 per US dollar.
Market Summary: The rupiah is pressured by the Federal Reserve’s policy of maintaining high interest rates and geopolitical tensions in the Middle East that have triggered a rise in global oil prices.
Based on this morning’s banking data monitoring, there is a considerable gap between the buying and selling rates. The details of the rates at several major banks are as follows:
The data above indicates that for the public or businesses wishing to purchase US dollars, the average cost is now above Rp17,100 per US dollar.
Economists assess that this weakening is triggered by a combination of global sentiment and domestic fiscal conditions following the long holiday. The main points are as follows:
The US Central Bank (The Fed) in its latest meeting decided to maintain the benchmark interest rate in the range of 3.5% to 3.75%. This hawkish stance has caused foreign capital flows to be reabsorbed into the US financial markets, triggering capital outflows from emerging markets, including Indonesia.
The conflict involving the US, Israel, and Iran continues to weigh heavily on global markets. This uncertainty has prompted investors to shift to safe-haven assets such as the US dollar and gold. Additionally, the closure of the Strait of Hormuz has kept global oil prices high, which impacts Indonesia’s swelling energy import burden.
On the internal side, the market has reacted negatively to projections of a widening 2026 State Revenue and Expenditure Budget (APBN) deficit, estimated to exceed the 3% limit. This sentiment is worsened by the downgrade in the outlook for the country’s sovereign debt by several international rating agencies.
In response to the high volatility, Bank Indonesia (BI) is assured to continue operating in the market for interventions, both in the spot market and Domestic Non-Deliverable Forward (DNDF). The BI Governor previously emphasised that the monetary authority will utilise all available instruments to ensure the rupiah moves in line with its fundamentals.
Market participants are predicted to remain in a cautious (wait and see) position throughout the day, with the rupiah’s projected movement ranging from Rp16,850 to Rp17,075 per US dollar.