TEMPO.CO, Jakarta - Indonesia’s rupiah weakened on Monday as global risk aversion intensified following a surge in world oil prices above $100 per barrel.
The rupiah fell 76 points, or 0.45 percent, to Rp17,001 per US dollar in early trading, reflecting growing concerns in global financial markets.
According to Lukman Leong, a currency analyst at Doo Financial Futures, the pressure on the rupiah stems from market worries that rising crude oil prices could slow global economic growth while fueling inflation.
“The rupiah is expected to weaken against the US dollar due to worsening risk-off sentiment caused by crude oil prices exceeding $100 per barrel, which is feared to have a significant impact on the global economy and inflation,” Lukman said in Jakarta on Monday, March 9, as quoted by Antara.
He projected the rupiah would trade within a range of Rp16,900 to Rp17,050 per US dollar during the day.
Oil prices have surged amid escalating geopolitical tensions in the Middle East. The conflict involving the United States and Israel with Iran has raised concerns over potential disruptions to global energy supplies.
Market uncertainty has also increased following the appointment of Mojtaba Khamenei as Iran’s new supreme leader, replacing his father, Ali Khamenei, who reportedly died earlier.
The leadership change, combined with the escalating conflict, has heightened fears that Iran may adopt a tougher stance in its confrontation with the United States and Israel.
The escalation has also affected the Strait of Hormuz, a vital corridor for global energy shipments, further driving oil prices higher.
As of 07:50 AM Western Indonesia Time, the price of West Texas Intermediate crude rose 20.81 percent to $109.82 per barrel, while Brent crude increased 18.17 percent to $109.53 per barrel.
The surge in oil prices has intensified concerns over global inflation, which could weigh on currencies in emerging markets, including the rupiah.
Read: Global Oil Prices Surge Past US$100 a Barrel as Iran War Escalates
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