The Indonesian rupiah was soft today as rising oil prices made investors worried that the nation’s trade balance deficit may worsen. Such worries were obviously negative for attractiveness of Indonesian assets.
Prices for crude oil were rising on the threat of a war in Syria. This is not good for Indonesia as the country is a net importer of oil. As a result, the rupiah was the worst performer among currencies of emerging markets, falling as much as 2.3 percent since the end of the last month.
USD/IDR traded at 11,176 as of 10:10 GMT today.
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