Indonesian Rupiah Weakens on Higher Oil Import Costs
The Indonesian Rupiah weakened against the US dollar on Thursday, with USD/IDR rising to around 18,100, as surging oil import costs stretch the trade balance.
USDIDR
USD/IDR gained ground during Asian hours on Thursday, trading near 18,100 after two days of losses. The pair's rise reflects continued pressure on the Indonesian Rupiah.
The currency's weakness is attributed to higher oil import costs, which are straining the nation's trade balance. The increased import bill adds to external imbalances, weighing on the Rupiah's value against the dollar.
Source: FXStreet Forex News