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Indonesia Rupiah Drops to Record Low on Strong Dollar, MSCI Woes
- On Nov 12, The Indonesian rupiah weakened 0.3 per cent to 18,204 per dollar, falling past the previous record low of 18,190 seen in early June.
- Down more than 8% against the dollar this year, the Indonesian currency struggles as the Federal Reserve signals rate hikes next month, strengthening the dollar.
- MSCI Inc. proposed reclassifying Indonesia as a standalone market, with Goldman Sachs Group estimating the move could trigger $5.6 billion in passive outflows.
- Bank Indonesia is monitoring market developments and capital outflows following the MSCI announcement, while persistently high oil prices drive up government subsidy costs.
- Ten-Year bond yields climbed to a six-year high earlier this month, while The Jakarta Composite Index plummeted to its lowest level since 2020.
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At 09.08 WIB, the spot rupiah weakened further to Rp18,218 per US dollar from the previous day's close of Rp18,149 per US dollar.
JPNN.com, JAKARTA - Bank Indonesia (BI) revealed that the movement of the Rupiah exchange rate and regional currencies in recent days has been largely influenced by expectations of a US interest rate hike at the FOMC meeting in December 2026 to 2027.
·Indonesia
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JAKARTA — The rupiah exchange rate against the US dollar continues its weakening trend, even reaching the Rp 18,200 per US dollar level. Bank Indonesia revealed that the weakening of the Indonesian currency was influenced by...
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Total News Sources15
Leaning Left0Leaning Right4Center0Last UpdatedBias Distribution100% Right
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100% Right
R 100%
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