Rupiah and ringgit rise as US dollar weakens after Fed decision
Eight of 10 monitored Asian currencies gained, while the Federal Reserve kept its benchmark interest rate at 3.75%-4.00%.
Indonesia’s rupiah strengthened 0.25% to Rp18,130 per US dollar and Malaysia’s ringgit gained 0.27% on 29 October 2026, according to Refinitiv figures at 09:18 Western Indonesian Time. Most Asian currencies advanced as the dollar weakened following the US Federal Reserve’s interest-rate decision.
The South Korean won led the gains with a 0.54% rise. Elsewhere in Southeast Asia, the Philippine peso increased 0.15%, the Singapore dollar rose 0.10% and the Vietnamese dong added 0.05%. Thailand’s baht was unchanged.
The Japanese yen gained 0.11% and China’s yuan strengthened 0.06%. The Taiwan dollar was the only declining currency among the 10 tracked, falling 0.27%. The US dollar index slipped 0.13% to 102.062.
The Fed voted 10-2 to leave its benchmark rate at 3.75%-4.00%, matching market expectations. Carol Kong, a currency strategist at Commonwealth Bank of Australia, told Reuters that chairman Kevin Warsh’s lack of a signal about a further rate increase was interpreted as dovish, or insufficiently hawkish.
Kong said some market participants had expected clearer guidance on the December meeting alongside the decision to hold rates. CME FedWatch nevertheless put the probability of a December increase at about 78%. Warsh said inflation could return to the 2% target without excessively restraining economic growth or raising unemployment.
