Rupiah trades mixed against US dollar in Thursday’s session, July 23, 2026, as market data showed conflicting movements within the same trading window. According to Kontan’s market data, the spot rupiah opened at Rp17,914 per US dollar at 09:10 WIB, a slight 0.02% gain from the previous close of Rp17,917. However, Bloomberg data recorded a different snapshot at 09:05 WIB, showing the rupiah opening 7 points weaker (0.04%) at Rp17,924 per US dollar, following Wednesday’s close at Rp17,917.

Why the Rupiah Trades Mixed Against US Dollar This Morning

The slight divergence between data sources reflects how thin and fast-moving early trading can be, but the broader picture points to a currency holding steady within a narrow range rather than making a decisive move in either direction.

According to Kontan’s data, the rupiah’s move aligned with most Asian currencies, which also strengthened against the US dollar in early trading. The South Korean won posted the largest gain, rising 0.67% against the dollar. The Taiwan dollar followed with a 0.49% gain, while the Singapore dollar rose 0.11%. The Chinese yuan strengthened 0.08%, and the Japanese yen gained 0.06%. Meanwhile, the Thai baht and Philippine peso each strengthened 0.02%, matching the rupiah’s move. The Hong Kong dollar posted the smallest gain among Asian currencies, at just 0.001% against the US dollar.

Oil Prices Limit the Rupiah’s Upside

Doo Financial Futures Chief Analyst Lukman Leong attributed the rupiah’s limited strength to a renewed rise in world crude oil prices. “However, I still see room for further strengthening ahead, particularly if crude oil prices decline again. By year-end, the rupiah is projected to trade within a range of Rp17,500 to Rp17,700,” Lukman told Kontan on Thursday, July 23, 2026.

Lukman also pointed to the Australian dollar (AUD) as one of the more interesting currencies to watch, with its outlook supported by generally elevated commodity prices. “For other currencies, the outlook still depends on external developments ahead, particularly geopolitical conditions. I see the AUD as the most attractive, supported by commodity prices that remain generally high and could rise further if tensions in the Middle East ease,” he explained.

Safe-Haven Demand Keeps the Dollar Firm

On the other side of the picture, Bloomberg and Reuters data pointed to renewed US-Iran tensions supporting demand for the US dollar as a safe-haven currency. According to Reuters, the US Dollar Index held steady at 101.11 on Thursday, July 23, 2026, as worsening tensions between Washington and Tehran pushed oil prices higher and stoked inflation concerns.

Meanwhile, the Japanese yen edged 0.02% stronger against the US dollar to 163.1. “What’s different from the start of the conflict five months ago is inventory. Lower inventories mean oil and gas shortages are more likely the longer the conflict continues, worsening the negative economic impact of high energy prices that benefit the USD,” said Joseph Capurso, head of international economics and FX at Commonwealth Bank of Australia, in a note.

The euro rose 0.02% to $1.1412 against the US dollar, while the British pound last traded at $1.3373. The Australian dollar fell 0.1% to $0.6989, and the New Zealand dollar weakened nearly 0.1% to $0.5811 per US dollar.

What This Means for Currency Exchange Planning

With the rupiah trades mixed against US dollar in the near term, and oil prices tied to Middle East tensions acting as the key swing factor, the currency’s direction will likely stay sensitive to geopolitical headlines rather than settling into a clear trend. Analysts see room for the rupiah to strengthen toward year-end if oil prices ease, but continued conflict could keep safe-haven demand for the dollar elevated in the meantime.

For individuals and businesses planning currency transactions, this narrow, headline-driven trading range makes it worth monitoring daily movements closely rather than assuming any single day’s direction will hold.

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Source: Investor Daily & Kontan