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TEMPO.CO, Jakarta - Indonesia's rupiah exchange rate weakened by 69 points, or 0.40 percent, to Rp17,483 per US dollar on Tuesday morning, compared to the previous close of Rp17,414 per US dollar.
Lukman Leong, a currency analyst at Doo Financial Futures, said the rupiah weakened as hopes for a US-Iran peace deal are fading.
"The rupiah is expected to continue to weaken against the US dollar amid fading hopes for a US-Iran peace deal and still-high global crude oil prices," he told ANTARA in Jakarta on Tuesday.
Citing Xinhua, Iran submitted a draft proposal to the US calling for an end to the conflict on all fronts, guaranteeing no further aggression against Iran, and lifting US sanctions and the naval blockade.
The proposal also demanded a 30-day period for lifting US sanctions on Iranian oil sales and the release of frozen Iranian assets.
Previously, Iran rejected the US peace proposal because it "meant accepting excessive demands" from Washington, as reported by Sputnik.
US President Donald Trump said Iran's response to the US proposal to end the conflict was completely unacceptable.
Given domestic sentiment, investors are reportedly awaiting Indonesia's March 2026 retail sales data, which will be released this afternoon.
"Retail sales are expected to be slightly higher, at 6.8 percent, compared to February's 6.5 percent," said Lukman.
The announcement from Morgan Stanley Capital International (MSCI) is also predicted to negatively impact the Jakarta Composite Index (JCI) and will also put pressure on the rupiah.
"There will be stocks that will be dumped, and several large-cap stocks will be downgraded," he said.
Based on these factors, the rupiah is predicted to range from Rp17,350 to Rp17,500 per US dollar.
Read: Rupiah Rescue Scramble
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