Rupiah Strengthens to Rp 16,851 per US Dollar Amid Declining Oil Prices

Jakarta – The rupiah exchange rate against the US dollar opened stronger on Wednesday, gaining 12 points or 0.07 per cent to Rp 16,851 per US dollar from the previous close of Rp 16,863 per dollar.

According to Lukman Leong, a currency analyst at Doo Financial Futures, the rupiah strengthened in line with a significant decline in oil prices. “The rupiah is estimated to consolidate with limited appreciation potential, supported by a substantial decrease in oil prices,” he stated.

International benchmark Brent crude was trading at $87.60 per barrel, whilst West Texas Intermediate (WTI) crude was around $84.20 per barrel. These figures represented a sharp decline after prices had surged above $119 per barrel on Monday (9 March 2026) due to concerns about supply disruptions in the Strait of Hormuz related to the Iran conflict involving the United States and Israel.

According to Leong, the decline was driven by US President Donald Trump’s statement suggesting the conflict with Iran would “end soon”, although he denied it would conclude this week.

“There is hope from Trump’s statement, which would secure the Strait of Hormuz, and his statement that the war will end soon, though this is not yet certain, has provided positive sentiment,” he remarked.

However, Leong also noted that the ongoing conflict would continue to burden the rupiah. Based on these factors, the rupiah is predicted to move within the range of Rp 16,800 to Rp 16,950 per US dollar.