Jakarta, ThedailyID — The Indonesian rupiah opened at Rp17,731 per US dollar on Wednesday morning, September 16.
The currency weakened by 37 points, or 0.21 percent, from the previous trading session.
The rupiah’s movement followed most Asian currencies, which also declined against the US dollar. The Chinese yuan fell 0.02 percent, while the Singapore dollar slipped 0.06 percent.
The Japanese yen weakened 0.15 percent. Meanwhile, the South Korean won dropped 0.46 percent and the Hong Kong dollar declined 0.12 percent.
However, some Asian currencies strengthened. The Philippine peso rose 0.11 percent, while the Malaysian ringgit gained 0.25 percent against the US dollar.
Major developed-market currencies also weakened across the board. The euro fell 0.07 percent, while the British pound declined 0.07 percent.
The Australian dollar slipped 0.14 percent. The Canadian dollar dropped 0.11 percent, while the Swiss franc weakened 0.09 percent.
Currency analyst Lukman Leong of DOO Financial Futures expects further pressure on the rupiah.
“The rupiah is expected to weaken against the US dollar amid rising US bond yields and global oil prices, triggering investor expectations of a hawkish stance from the Fed at tonight’s FOMC meeting,” Lukman told CNN, Wednesday, September 16.
He expects the rupiah to trade between Rp17,600 and Rp17,700 per US dollar.
Investors are now watching the US Federal Reserve’s policy meeting. Expectations surrounding the Fed’s stance could influence movements in the US dollar and emerging-market currencies, including the rupiah.
