The IDX Composite closed 0.9 percent higher at 7,174.53 on Wednesday, following the official announcement of the president and vice president for the 2024-2029 term and Bank Indonesia’s decision to raise its benchmark interest rate.

The Indonesia Stock Exchange (IDX) Composite closed up 36.99 points, or 0.52 percent, on Tuesday, ending the day’s trading session at 7,110.81.

Asian shares extended gains on Tuesday, taking cues from Wall Street as focus shifts to earnings results from US tech giants in the week, while a still strong dollar pressured the Japanese yen to fresh 34-year lows.

The IDX Composite ended Monday's trading 0.19 percent lower amid rising Iran-Israel tension and speculation swirling around the Fed's potential rate cuts.

State-owned oil and gas company Pertamina said that it is exploring alternative shipping routes and sources for crude oil imports to mitigate a possible disruption in the flow of oil shipping.

Asian stocks recovered some losses on Monday and bond yields rose as fears of a wider Middle East conflict ebbed, with investors gravitating back towards riskier assets.

Asian shares and bond yields sank on Friday while the dollar, yen, oil and gold surged after reports of a sharp escalation in Middle East hostilities.

Aris Toharisman, secretary-general of the Indonesia Sugar Association (AGI), does not rule out the possibility of rising prices for the imported commodity, even though global supply pressure remains manageable.

The IDX Composite (IHSG) strengthened by 0.50 percent to 7,166 on Thursday. The financial, infrastructure and non-primary consumer goods sectors supported the positive movement.

Asian stocks crept higher in a mixed session on Thursday, while the dollar took a breather and bond markets steadied as investors stepped back to assess the interest rate outlook.

The rupiah has been on a downward slope in the past week amid uncertainty about US monetary policy and geopolitical conflicts. Analysts do not rule out a historic low for Indonesia’s currency.

The government has speculated that world crude oil prices could reach US$100 per barrel as the Middle East conflict escalates.

Asian shares were mixed on Wednesday as the world's most powerful central banker had a change of heart on US rate cuts this year, pushing Treasury yields to new five-month highs and the dollar towering against other currencies.

Indonesia is unlikely to enjoy a 2022-level commodity boom this year despite China’s recovering growth and geopolitical tensions.

A decline exceeding 2 percent is rare for the rupiah, which has seen an average movement of only 0.02 percent over the past year.

The dollar rose to a five-month high against major peer currencies on Tuesday following hotter-than-expected US retail sales figures, raising worries of an intervention from Tokyo as the yen languished at its lowest since 1990.

Asian stocks fell and the dollar climbed to more than five-month highs on Tuesday as stronger-than-expected US retail sales for March further reinforced expectations that the Federal Reserve is unlikely to be in a rush to cut interest rates this year.

The domestic car market remains in the doldrums with a strong year-on-year (yoy) decline, but the industry sees signs of a possible rebound in March's wholesale and retail figures.

A rally in the US dollar is accelerating, as stubborn inflation sows doubts over how aggressively the Federal Reserve will be able to cut rates this year compared to other central banks.

Asian shares slumped and gold prices rose on Monday as risk sentiment took a hit after Iran's retaliatory attack on Israel stoked fears of a wider regional conflict and kept traders on edge.

European stocks were on track to race ahead of Wall Street on Friday, with exporters' shares in high demand as the continent's major currencies dropped against a dollar standing tall on bets the US Federal Reserve would keep interest rates high.

Asian shares tracked Wall Street lower on Thursday as sticky US inflation forced markets to slash bets on how much the Federal Reserve might ease this year, sending the dollar flying to a 34-year high against the beleaguered yen.

Asian markets reversed Thursday after forecast-topping US inflation dealt a hefty blow to hopes for a June interest rate cut and forced traders to re-evaluate the outlook for monetary policy, with a warning that the next move could even be a hike.

There is a nervousness on trading floors that a third successive miss to the upside on consumer prices could force the Federal Reserve to delay cutting borrowing costs.

Some Tokyo players were locking in profits after recent gains, analysts said.

Industrial metals prices extended their gains on Tuesday with expectations of a worldwide manufacturing rebound, while Asian shares crept up a little more cautiously ahead of this week's US inflation data and a crucial European Central Bank meeting.

BMI Research, a think tank belonging to rating agency Fitch, expects the drop in nickel prices seen last year to continue this year.