USD/IDR trades at 17,980 as the US Dollar strengthens, driven by higher Treasury yields and oil prices that continue to pressure the Indonesian Rupiah.
The USD/IDR pair is experiencing upward momentum as the US Dollar strengthens against the Indonesian Rupiah, recovering from a two-day decline to trade near 17,980. This appreciation is primarily driven by elevated global oil prices and rising US Treasury yields, which continue to exert pressure on the Rupiah despite market expectations of lower Federal Reserve rate-hike odds.
The pair is trading around 17,980 during European hours on Thursday.
The support from lower Fed rate-hike odds is being offset by rising US Treasury yields and higher oil prices.
Elevated oil prices are cited as a factor supporting the US Dollar and adding pressure on the Indonesian Rupiah.
The USD/IDR pair climbed to 17,980 during Thursday's European session, snapping a two-day losing streak. The US Dollar gained momentum as elevated oil prices and rising Treasury yields offset market expectations of lower Federal Reserve rate-hike odds.
The pair is rising due to a stronger US Dollar, supported by elevated global oil prices and rising US Treasury yields.