Rupiah Forecasted to Weaken to 16,932 per USD

Bank Mandiri’s economic team predicts the rupiah exchange rate will move in the range of Rp 16,865-Rp 16,932 per US dollar in trading today, Thursday, 26 March 2026. Yesterday, the rupiah closed stronger by 0.44% at Rp 16,910 per US dollar. Year-to-date, the rupiah has depreciated by 1.32%.

According to Bank Mandiri’s OCE, the US stock market closed higher on Wednesday, 25 March 2026 trading. The Dow Jones rose 0.66% to 46,429, while the S&P 500 gained 0.54% to 6,591.

The 10-year US Treasury yield fell 2.77 basis points to 4.33% as investors monitored developments in the Middle East, amid rising uncertainty over the end of Iran’s role," said Bank Mandiri’s economic team in its analysis on Thursday, 26 March 2026.

The US dollar index or DXY was observed at 99.4 in yesterday’s trading. Bank Mandiri’s OCE stated that the market is still considering prospects from the potential de-escalation of the US conflict with Iran. The market has also reportedly reduced expectations of interest rate cuts by the US central bank or the Federal Reserve this year.

Bank Mandiri’s economic team said these developments were caused by a statement from President Donald Trump claiming that the US had negotiated with Tehran and hinting at the possibility of a peace agreement. Although the claim was later denied by Iranian authorities. "As a result, global oil prices fell 6%, providing some relief from concerns over a renewed surge in inflation," said Bank Mandiri’s OCE.

Meanwhile, the Composite Stock Price Index (IHSG) on the Indonesia Stock Exchange closed up 2.75% at 7,302 on Wednesday, 25 March 2026. Foreign capital inflows into the capital market were recorded at Rp 102.8 billion. Meanwhile, the yield on 10-year Government Securities (SBN) rose 6.9 basis points to 6.93%.