Executive Summary

Key insights and market outlook

Most Asian currencies strengthened against the US dollar on Tuesday (23/12/2025) as the greenback weakened globally. The Malaysian ringgit led the gains, appreciating 0.22% to 4.067 per USD. The Indonesian rupiah also gained 0.02% to Rp16,774 per USD ³

. Other regional currencies showing strength included the Thai baht and Japanese yen.

Full Analysis

02

Deep Dive Analysis

Asian Currencies Rally Against Weakening US Dollar

Regional Currency Strength

The majority of Asian currencies strengthened against the US dollar on Tuesday (23/12/2025) as global risk appetite improved and the greenback weakened across markets. The Malaysian ringgit emerged as the top performer in the region, appreciating 0.22% to 4.067 per USD ¹

. This positive performance continues ringgit's strong trend in 2025, with the currency having appreciated nearly 10% compared to its year-end position last year ¹.

Indonesian Rupiah Performance

The Indonesian rupiah opened 0.02% stronger at Rp16,774 per USD on Tuesday, following the positive trend in other regional currencies ³

. Later in the day, the rupiah weakened slightly to Rp16,784 per USD as market participants awaited key US economic data releases ⁶. Major Indonesian banks reported the following USD/IDR exchange rates:

BCA: Rp16,772 - Rp16,792 (e-rate)
BRI: Rp16,767 - Rp16,793 (e-rate)
Mandiri: Rp16,760 - Rp16,790 (special rate)
BNI: Rp16,768 - Rp16,798 (special rate)

Regional Currency Trends

The Thai baht reached its strongest level since early June 2021, trading at 31.055 per USD ⁴

. Other currencies showing strength included:

Japanese yen: +0.41%
Singapore dollar: +0.13%
Chinese yuan: +0.02%
Malaysian ringgit: +0.23%

Market Analysis

The US dollar index experienced a 0.17% decline to 98.11, contributing to the positive sentiment in Asian currency markets ⁵

. Market participants are now focused on upcoming US economic data releases, including Q3 GDP growth and durable goods orders. Locally, analysts predict the Indonesian economy will face significant challenges in 2026, with growth projected between 4.9-5.1% ⁵.

References