Anastasya Lavenia Yudi, Jakarta – The rupiah exchange rate closed weaker at Rp17,243 per US dollar on Tuesday afternoon, April 28, 2026, down 32 points from the previous day at Rp17,211 per US dollar.

The Director of PT Traze Andalan Futures, Ibrahim Assuaibi, said that externally, the conflict in the Middle East influenced the rupiah depreciation.

"Efforts to end the US-Iran war seem to have stalled, with the vital Hormuz waterway still largely closed, so energy supplies from the main oil-producing regions in the Middle East cannot be accessed by global buyers," he said in a written statement on Tuesday, April 28, 2026.

Furthermore, the US central bank or The Fed is scheduled to hold a meeting this week. According to Ibrahim, The Fed is expected to maintain interest rates.

Meanwhile, from an internal perspective, Ibrahim highlights the government's narrative that the rupiah is undervalued. He said that the "undervalued rupiah" narrative has shifted from economic analysis to a communication tool to dampen market panic and maintain optimism.

"However, this narrative could become problematic if it continues to be repeated without being accompanied by real fundamental improvements," said Ibrahim. He maintained that confidence in rupiah could not be bolstered solely through narrative and must be followed by real fundamental economic improvements.

Source: https://en.tempo.co/read/2100824/analyst-highlights-undervalued-narrative-as-rupiah-slides-to-rp1724