Shocking! Rupiah and Ringgit Plummet Together, Yen and Vietnamese Dong Strengthen
Shocking! Rupiah and Ringgit Plummet Together, Yen and Vietnamese Dong Strengthen
Jakarta, CNBC Indonesia - The majority of Asian currencies exhibited varied movements against the US dollar on trading today, Tuesday (5/5/2026). Nevertheless, the rupiah remained in the red zone and breached the psychological level of Rp17,400 per US dollar.
According to Refinitiv at 09:20 WIB, out of the nine monitored Asian currencies, six strengthened and three weakened against the greenback.
The rupiah was one of the currencies under the heaviest pressure this morning. The Garuda currency weakened by 0.23% to Rp17,405 per US dollar.
That level also marked the rupiah’s new all-time intraday weakest point.
The deepest pressure was recorded by the neighbouring currency, the Malaysian ringgit, which stood at MYR 3.960 per US dollar after falling 0.25%. The Philippine peso also weakened by 0.23% to PHP 61.706 per US dollar.
On the other hand, the Taiwanese dollar became the strongest Asian currency. It stood at TWD 31.64 per US dollar after gaining 0.08%.
The Vietnamese dong and the Singapore dollar both rose by 0.05%, to VND 26,300 per US dollar and SGD 1.276 per US dollar, respectively. The Thai baht stood at THB 32.72 per US dollar after strengthening by 0.03%.
The Japanese yen and the Korean won also moved slightly into positive territory. The yen stood at JPY 157.21 per US dollar after rising 0.02%, while the Korean won strengthened by 0.02% to KRW 1,475.24 per US dollar.
Today’s Asian currency movements are still influenced by the direction of the US dollar in the global market. The US dollar index or DXY was observed strengthening by 0.12% to 98.495 at 09:20 WIB.
The US dollar is once again supported by demand for safe-haven assets. Market sentiment is still overshadowed by uncertainties in US-Iran relations and the war in the Middle East that has not fully subsided.
The market is increasingly cautious following new attacks by the US and Iran in the Gulf region on Monday. This situation threatens the ongoing ceasefire position and keeps investor interest in risky assets limited.
Tensions have also escalated after US forces reportedly repelled an Iranian attack while escorting two US-flagged ships through the Strait of Hormuz.
At the same time, the United Arab Emirates reported intercepting a cruise missile launched by Iran, and linked a major fire at Fujairah Port to a drone attack. This has caused the benchmark Brent crude oil price to rise above US$110 per barrel again.
In such conditions, the US dollar still has potential to be sought as a safe-haven asset. When the dollar strengthens, other countries’ currencies, including Asian ones, tend to come under more pressure. Therefore, as long as the US-Iran uncertainty has not subsided, currency movements in the region, including the rupiah, still have the potential to be volatile.