Maybank said the rupiah may not weaken further, although the dollar's gains are likely to continue and Federal Reserve officials may reiterate the possibility of a rate cut this year, King Ten reported. Alan Lau, the bank's foreign exchange strategist in Singapore, said: The Indonesian rupiah fell to its lowest level since 2020 today, driven by broader macro factors related to the United States. Sentiment on Asian foreign exchange markets, including the Indonesian rupiah, was weighed down by concerns that the Federal Reserve could slow its easing policy this year amid strong U.S. economic data.
