Rupiah Strengthens Amid Middle East Peace Hopes
The Indonesian rupiah strengthened against the US dollar on Wednesday, following a decline in global crude oil prices amid growing hopes for peace in the Middle East.
Rupiah opened at Rp17,695 per US dollar, gaining 28 points or 0.16 percent from its previous close of Rp17,723.
According to Chief Analyst Lukman Leong at Doo Financial Futures, the rupiah's strength is due to the decline in global oil prices, which fell by 5.5 percent with Brent crude settling near US$80.40 per barrel and West Texas Intermediate (WTI) falling to around US$86.20 per barrel.
The rupiah has the potential to strengthen further as global oil prices continue to decline, Lukman said, adding that there were no significant factors influencing the rupiah's movement on the domestic front.