Indonesian Rupiah Posts Longest Losing Streak Since July

The Indonesian rupiah fell for a fourth straight day, pressured by rising oil prices and broad U.S. dollar strength. According to Sina Finance, President Prabowo Subianto appointed Suharso Nazara to replace Purbaya Yudhi Sadewa as finance minister on Monday evening. The dollar rose 0.2% against the rupiah to 17,677, and if it extends gains for a fourth straight session, it would mark the longest winning streak since late July. The spot dollar index rose 0.1% after gaining 0.4% in the previous session, when the U.S. 10-year Treasury yield first moved above 5% since 2023. Overnight index swaps showed the Federal Reserve was almost certain to raise rates on Wednesday after last week's inflation data pointed to sticky price pressures. Indonesia's 10-year government bond yield rose 1 basis point to 7.17%. Indonesia's finance ministry said global funds bought a net $61.4 million of Indonesian bonds on September 10. Shinhan Securities Indonesia fixed-income analyst Adela Vihasena said Suharso's appointment signaled policy continuity and reduced policy uncertainty, adding that the market's initial reaction on Monday was positive.