March 12, 2026 | 06:18 pm
TEMPO.CO, Jakarta - The exchange rate of the rupiah at the close of trading in Jakarta, Thursday, March 12, 2026, weakened by 7 points or 0.04 percent to Rp16,893 per U.S. dollar from the previous close of Rp16,886 per U.S. dollar.
Money market analyst Ibrahim Assuaibi assesses the rupiah exchange rate has weakened following the sharp rise in oil prices, briefly surpassing $100 per barrel.
"Media reports mention that two international oil tankers have been hit near Iraq. Other reports indicate that Oman has evacuated its main oil export terminal, while Iran is seen blocking the Strait of Hormuz, a major supply route for about a fifth of the world's oil," said Ibrahim in a written statement in Jakarta, Thursday, March 12, 2026, as quoted by Antara.
Higher oil prices have made the market wary of long-term inflation increases, triggering concerns about more aggressive central bank policies in the coming months.
Another sentiment arises from the release of the Consumer Price Index (CPI) in the United States in February 2026, which increased by 0.3 percent month-on-month (mom), up from 0.2 percent mom previously and in line with market expectations of 0.3 percent mom.
"The February CPI data that met expectations provides some clues, while the PCE (Personal Consumption Expenditures) inflation data is still awaited. Although the figure is in line with expectations, it does not alleviate concerns about future pressure on prices driven by the energy sector," Ibrahim said.
"This week's focus is entirely on the PCE price index data for January, which will be released tomorrow, to obtain more certain clues about inflation. The data is the Federal Reserve's preferred inflation gauge and is likely to be a factor in long-term inflation expectations," he added.
Bank Indonesia's Jakarta Interbank Spot Dollar Rate (JISDOR) also weakened today, dropping from Rp16,867 to Rp16,899 per U.S. dollar.
Read: Rupiah Strengthened to Rp16,851 per US Dollar on Wednesday Morning
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