US-Iran Peace Efforts Stalled, Rupiah Pressured to Rp 17,243 per US Dollar
JAKARTA, KOMPAS.com - The rupiah exchange rate in the spot market weakened again at the close of trading on Tuesday (28/4/2026). The Garuda currency depreciated by 32 points or 0.19 percent to the level of Rp 17,243 per US dollar.
Currency and commodity analyst, Ibrahim Assuaibi, stated that the rupiah’s weakening was caused by the impasse in peace efforts between the US and Iran.
As a result, the strategic Strait of Hormuz route is reported to remain partially closed, hindering energy distribution from the Middle East region to global markets.
“Efforts to end the US-Iran war appear to have stalled, with the vital waterway of the Strait of Hormuz still largely closed, meaning energy supplies from the major oil-producing region in the Middle East cannot be accessed by global buyers,” Ibrahim told reporters on Tuesday afternoon.
However, Washington is said to be sceptical because the proposal does not include discussions on Tehran’s nuclear programme.
US President Donald Trump is reportedly dissatisfied with Iran’s latest offer.
Several sources indicate that the proposal only focuses on halting the conflict and resolving shipping disputes in the Gulf, without addressing the nuclear issue.
This situation is prolonging the conflict.
Iran continues to close shipping routes in the Strait of Hormuz, which has historically supplied around 20 percent of the world’s oil and gas needs, while the US maintains a blockade on Iranian ports.
Amid this uncertainty, market players are also awaiting the direction of the US central bank’s monetary policy, the Federal Reserve, which is scheduled to hold a meeting this week.
The Fed is expected to maintain interest rates while providing signals on inflation prospects amid geopolitical pressures.
From the domestic side, Ibrahim highlighted the recurring narrative that the rupiah exchange rate is below its fair value or undervalued every time there is a weakening.
He noted that since 2014, the rupiah has moved from around Rp 12,000 per US dollar to weakening to the Rp 17,000 level in recent years.
This long-term depreciation trend is seen to raise questions about the relevance of that narrative.