{ "success": true, "data": { "id": 1733276, "msgid": "dollar-breaks-through-rp-17-500-this-is-the-critical-point-for-the-rupiah-throughout-indonesias-history-1778561574", "date": "2026-05-12 10:30:12", "title": "Dollar Breaks Through Rp 17,500, This is the Critical Point for the Rupiah Throughout Indonesia's History", "author": "", "source": "CNBC", "tags": "", "topic": "Finance", "summary": "The Indonesian rupiah has plummeted to a record low of Rp17,505 per US dollar on Tuesday, marking a 0.59% weakening and breaching the psychological Rp17,500 level amid ongoing pressures. This depreciation adds to a long history of rupiah vulnerabilities, including the 1997-1998 Asian financial crisis, political upheavals in 1998 and 2001, the 2008 global financial crisis, the 2015 emerging market turmoil, the 2018 currency routs, the 2020 COVID-19 panic, and more recent strains from US monetary policy in 2024 and Trump's tariff announcements in 2025. The event underscores persistent risks to Indonesia's currency from both domestic instability and global economic shocks, potentially exacerbating inflationary pressures and economic uncertainty.", "content": "

The rupiah has once again suffered a severe collapse against the US\ndollar on trading today, Tuesday (11\/5\/2026). According to Refinitiv\ndata, as of 10:03 WIB, the rupiah weakened by 0.59% to Rp17,505\/US.T<\/em>h<\/em>i<\/em>s<\/em>l<\/em>e<\/em>v<\/em>e<\/em>l<\/em>m<\/em>a<\/em>r<\/em>k<\/em>s<\/em>t<\/em>h<\/em>e<\/em>w<\/em>e<\/em>a<\/em>k<\/em>e<\/em>s<\/em>t<\/em>p<\/em>o<\/em>s<\/em>i<\/em>t<\/em>i<\/em>o<\/em>n<\/em>f<\/em>o<\/em>r<\/em>t<\/em>h<\/em>e<\/em>r<\/em>u<\/em>p<\/em>i<\/em>a<\/em>h<\/em>e<\/em>v<\/em>e<\/em>r<\/em>o<\/em>n<\/em>a<\/em>n<\/em>i<\/em>n<\/em>t<\/em>r<\/em>a<\/em>d<\/em>a<\/em>y<\/em>b<\/em>a<\/em>s<\/em>i<\/em>s<\/em>,\u2006w<\/em>h<\/em>i<\/em>l<\/em>e<\/em>a<\/em>l<\/em>s<\/em>o<\/em>s<\/em>i<\/em>g<\/em>n<\/em>a<\/em>l<\/em>l<\/em>i<\/em>n<\/em>g<\/em>t<\/em>h<\/em>e<\/em>b<\/em>r<\/em>e<\/em>a<\/em>c<\/em>h<\/em>o<\/em>f<\/em>a<\/em>n<\/em>e<\/em>w<\/em>p<\/em>s<\/em>y<\/em>c<\/em>h<\/em>o<\/em>l<\/em>o<\/em>g<\/em>i<\/em>c<\/em>a<\/em>l<\/em>l<\/em>e<\/em>v<\/em>e<\/em>l<\/em>a<\/em>t<\/em>R<\/em>p<\/em>17,\u2006500\/U<\/em>S<\/em><\/span>.\nThis weakening adds to the long list of pressure-filled periods that the\nrupiah has endured. Throughout its history, the Garuda currency has\nentered difficult phases several times, from monetary crises and\ndomestic political turmoil to global shocks that drive capital outflows\nto safe-haven assets. (1) August-October 1997 The rupiah\u2019s weakening\nfrom August to October 1997 marked the initial phase of the Monetary\nCrisis in Indonesia. During this period, the exchange rate fell from\naround Rp2,500\/US$ to the Rp3,000s\/US.I<\/em>n<\/em>t<\/em>e<\/em>n<\/em>s<\/em>e<\/em>s<\/em>p<\/em>e<\/em>c<\/em>u<\/em>l<\/em>a<\/em>t<\/em>i<\/em>v<\/em>e<\/em>p<\/em>r<\/em>e<\/em>s<\/em>s<\/em>u<\/em>r<\/em>e<\/em>f<\/em>o<\/em>r<\/em>c<\/em>e<\/em>d<\/em>B<\/em>a<\/em>n<\/em>k<\/em>I<\/em>n<\/em>d<\/em>o<\/em>n<\/em>e<\/em>s<\/em>i<\/em>a<\/em>t<\/em>o<\/em>a<\/em>b<\/em>a<\/em>n<\/em>d<\/em>o<\/em>n<\/em>t<\/em>h<\/em>e<\/em>m<\/em>a<\/em>n<\/em>a<\/em>g<\/em>e<\/em>d<\/em>f<\/em>l<\/em>o<\/em>a<\/em>t<\/em>i<\/em>n<\/em>g<\/em>s<\/em>y<\/em>s<\/em>t<\/em>e<\/em>m<\/em>a<\/em>n<\/em>d<\/em>s<\/em>w<\/em>i<\/em>t<\/em>c<\/em>h<\/em>t<\/em>o<\/em>a<\/em>f<\/em>r<\/em>e<\/em>e<\/em>\u2005\u2212\u2005f<\/em>l<\/em>o<\/em>a<\/em>t<\/em>i<\/em>n<\/em>g<\/em>e<\/em>x<\/em>c<\/em>h<\/em>a<\/em>n<\/em>g<\/em>e<\/em>r<\/em>a<\/em>t<\/em>e<\/em>.T<\/em>h<\/em>i<\/em>s<\/em>s<\/em>t<\/em>e<\/em>p<\/em>w<\/em>a<\/em>s<\/em>t<\/em>a<\/em>k<\/em>e<\/em>n<\/em>b<\/em>e<\/em>c<\/em>a<\/em>u<\/em>s<\/em>e<\/em>f<\/em>o<\/em>r<\/em>e<\/em>i<\/em>g<\/em>n<\/em>e<\/em>x<\/em>c<\/em>h<\/em>a<\/em>n<\/em>g<\/em>e<\/em>r<\/em>e<\/em>s<\/em>e<\/em>r<\/em>v<\/em>e<\/em>s<\/em>w<\/em>e<\/em>r<\/em>e<\/em>n<\/em>o<\/em>l<\/em>o<\/em>n<\/em>g<\/em>e<\/em>r<\/em>s<\/em>u<\/em>f<\/em>f<\/em>i<\/em>c<\/em>i<\/em>e<\/em>n<\/em>t<\/em>t<\/em>o<\/em>c<\/em>o<\/em>n<\/em>t<\/em>i<\/em>n<\/em>u<\/em>e<\/em>s<\/em>u<\/em>p<\/em>p<\/em>o<\/em>r<\/em>t<\/em>i<\/em>n<\/em>g<\/em>t<\/em>h<\/em>e<\/em>r<\/em>u<\/em>p<\/em>i<\/em>a<\/em>h<\/em>t<\/em>h<\/em>r<\/em>o<\/em>u<\/em>g<\/em>h<\/em>m<\/em>a<\/em>r<\/em>k<\/em>e<\/em>t<\/em>i<\/em>n<\/em>t<\/em>e<\/em>r<\/em>v<\/em>e<\/em>n<\/em>t<\/em>i<\/em>o<\/em>n<\/em>s<\/em>.T<\/em>h<\/em>e<\/em>w<\/em>o<\/em>r<\/em>s<\/em>e<\/em>n<\/em>i<\/em>n<\/em>g<\/em>d<\/em>e<\/em>p<\/em>r<\/em>e<\/em>c<\/em>i<\/em>a<\/em>t<\/em>i<\/em>o<\/em>n<\/em>t<\/em>h<\/em>e<\/em>n<\/em>p<\/em>r<\/em>o<\/em>m<\/em>p<\/em>t<\/em>e<\/em>d<\/em>t<\/em>h<\/em>e<\/em>g<\/em>o<\/em>v<\/em>e<\/em>r<\/em>n<\/em>m<\/em>e<\/em>n<\/em>t<\/em>t<\/em>o<\/em>s<\/em>e<\/em>e<\/em>k<\/em>a<\/em>s<\/em>s<\/em>i<\/em>s<\/em>t<\/em>a<\/em>n<\/em>c<\/em>e<\/em>f<\/em>r<\/em>o<\/em>m<\/em>t<\/em>h<\/em>e<\/em>I<\/em>n<\/em>t<\/em>e<\/em>r<\/em>n<\/em>a<\/em>t<\/em>i<\/em>o<\/em>n<\/em>a<\/em>l<\/em>M<\/em>o<\/em>n<\/em>e<\/em>t<\/em>a<\/em>r<\/em>y<\/em>F<\/em>u<\/em>n<\/em>d<\/em>(I<\/em>M<\/em>F<\/em>).T<\/em>h<\/em>e<\/em>f<\/em>i<\/em>r<\/em>s<\/em>t<\/em>a<\/em>i<\/em>d<\/em>a<\/em>g<\/em>r<\/em>e<\/em>e<\/em>m<\/em>e<\/em>n<\/em>t<\/em>w<\/em>a<\/em>s<\/em>s<\/em>i<\/em>g<\/em>n<\/em>e<\/em>d<\/em>o<\/em>n<\/em>31O<\/em>c<\/em>t<\/em>o<\/em>b<\/em>e<\/em>r<\/em>1997,\u2006w<\/em>i<\/em>t<\/em>h<\/em>o<\/em>n<\/em>e<\/em>o<\/em>f<\/em>t<\/em>h<\/em>e<\/em>m<\/em>a<\/em>i<\/em>n<\/em>c<\/em>o<\/em>n<\/em>d<\/em>i<\/em>t<\/em>i<\/em>o<\/em>n<\/em>s<\/em>b<\/em>e<\/em>i<\/em>n<\/em>g<\/em>t<\/em>h<\/em>e<\/em>c<\/em>l<\/em>o<\/em>s<\/em>u<\/em>r<\/em>e<\/em>o<\/em>f<\/em>16n<\/em>a<\/em>t<\/em>i<\/em>o<\/em>n<\/em>a<\/em>l<\/em>p<\/em>r<\/em>i<\/em>v<\/em>a<\/em>t<\/em>e<\/em>b<\/em>a<\/em>n<\/em>k<\/em>s<\/em>.(2)M<\/em>a<\/em>y<\/em>\u2005\u2212\u2005J<\/em>u<\/em>n<\/em>e<\/em>1998A<\/em>f<\/em>t<\/em>e<\/em>r<\/em>t<\/em>h<\/em>e<\/em>1997p<\/em>r<\/em>e<\/em>s<\/em>s<\/em>u<\/em>r<\/em>e<\/em>s<\/em>,\u2006t<\/em>h<\/em>e<\/em>r<\/em>u<\/em>p<\/em>i<\/em>a<\/em>h<\/em>e<\/em>n<\/em>t<\/em>e<\/em>r<\/em>e<\/em>d<\/em>i<\/em>t<\/em>s<\/em>d<\/em>a<\/em>r<\/em>k<\/em>e<\/em>s<\/em>t<\/em>p<\/em>h<\/em>a<\/em>s<\/em>e<\/em>i<\/em>n<\/em>M<\/em>a<\/em>y<\/em>t<\/em>o<\/em>J<\/em>u<\/em>n<\/em>e<\/em>1998.R<\/em>e<\/em>f<\/em>i<\/em>n<\/em>i<\/em>t<\/em>i<\/em>v<\/em>d<\/em>a<\/em>t<\/em>a<\/em>s<\/em>h<\/em>o<\/em>w<\/em>s<\/em>t<\/em>h<\/em>a<\/em>t<\/em>o<\/em>n<\/em>16J<\/em>u<\/em>n<\/em>e<\/em>1998,\u2006t<\/em>h<\/em>e<\/em>r<\/em>u<\/em>p<\/em>i<\/em>a<\/em>h<\/em>c<\/em>o<\/em>l<\/em>l<\/em>a<\/em>p<\/em>s<\/em>e<\/em>d<\/em>t<\/em>o<\/em>c<\/em>l<\/em>o<\/em>s<\/em>e<\/em>a<\/em>t<\/em>i<\/em>t<\/em>s<\/em>a<\/em>l<\/em>l<\/em>\u2005\u2212\u2005t<\/em>i<\/em>m<\/em>e<\/em>l<\/em>o<\/em>w<\/em>e<\/em>s<\/em>t<\/em>l<\/em>e<\/em>v<\/em>e<\/em>l<\/em>o<\/em>f<\/em>15,\u2006200\/U<\/em>S<\/em><\/span>.\nHowever, on an intraday basis, it briefly touched 16,800\/US.T<\/em>h<\/em>i<\/em>s<\/em>e<\/em>x<\/em>t<\/em>r<\/em>e<\/em>m<\/em>e<\/em>p<\/em>r<\/em>e<\/em>s<\/em>s<\/em>u<\/em>r<\/em>e<\/em>o<\/em>c<\/em>c<\/em>u<\/em>r<\/em>r<\/em>e<\/em>d<\/em>a<\/em>s<\/em>t<\/em>h<\/em>e<\/em>e<\/em>c<\/em>o<\/em>n<\/em>o<\/em>m<\/em>i<\/em>c<\/em>c<\/em>r<\/em>i<\/em>s<\/em>i<\/em>s<\/em>e<\/em>x<\/em>p<\/em>a<\/em>n<\/em>d<\/em>e<\/em>d<\/em>i<\/em>n<\/em>t<\/em>o<\/em>a<\/em>p<\/em>o<\/em>l<\/em>i<\/em>t<\/em>i<\/em>c<\/em>a<\/em>l<\/em>a<\/em>n<\/em>d<\/em>s<\/em>o<\/em>c<\/em>i<\/em>a<\/em>l<\/em>c<\/em>r<\/em>i<\/em>s<\/em>i<\/em>s<\/em>.T<\/em>h<\/em>e<\/em>s<\/em>h<\/em>o<\/em>o<\/em>t<\/em>i<\/em>n<\/em>g<\/em>o<\/em>f<\/em>T<\/em>r<\/em>i<\/em>s<\/em>a<\/em>k<\/em>t<\/em>i<\/em>U<\/em>n<\/em>i<\/em>v<\/em>e<\/em>r<\/em>s<\/em>i<\/em>t<\/em>y<\/em>s<\/em>t<\/em>u<\/em>d<\/em>e<\/em>n<\/em>t<\/em>s<\/em>o<\/em>n<\/em>12M<\/em>a<\/em>y<\/em>1998t<\/em>r<\/em>i<\/em>g<\/em>g<\/em>e<\/em>r<\/em>e<\/em>d<\/em>m<\/em>a<\/em>s<\/em>s<\/em>i<\/em>v<\/em>e<\/em>r<\/em>i<\/em>o<\/em>t<\/em>s<\/em>,\u2006l<\/em>o<\/em>o<\/em>t<\/em>i<\/em>n<\/em>g<\/em>,\u2006a<\/em>n<\/em>d<\/em>a<\/em>r<\/em>s<\/em>o<\/em>n<\/em>i<\/em>n<\/em>J<\/em>a<\/em>k<\/em>a<\/em>r<\/em>t<\/em>a<\/em>a<\/em>n<\/em>d<\/em>s<\/em>e<\/em>v<\/em>e<\/em>r<\/em>a<\/em>l<\/em>o<\/em>t<\/em>h<\/em>e<\/em>r<\/em>c<\/em>i<\/em>t<\/em>i<\/em>e<\/em>s<\/em>,\u2006c<\/em>a<\/em>u<\/em>s<\/em>i<\/em>n<\/em>g<\/em>i<\/em>n<\/em>v<\/em>e<\/em>s<\/em>t<\/em>o<\/em>r<\/em>s<\/em>t<\/em>o<\/em>w<\/em>i<\/em>t<\/em>h<\/em>d<\/em>r<\/em>a<\/em>w<\/em>f<\/em>u<\/em>n<\/em>d<\/em>s<\/em>e<\/em>n<\/em>m<\/em>a<\/em>s<\/em>s<\/em>e<\/em>.U<\/em>n<\/em>c<\/em>e<\/em>r<\/em>t<\/em>a<\/em>i<\/em>n<\/em>t<\/em>y<\/em>p<\/em>e<\/em>a<\/em>k<\/em>e<\/em>d<\/em>w<\/em>h<\/em>e<\/em>n<\/em>P<\/em>r<\/em>e<\/em>s<\/em>i<\/em>d<\/em>e<\/em>n<\/em>t<\/em>S<\/em>o<\/em>e<\/em>h<\/em>a<\/em>r<\/em>t<\/em>o<\/em>r<\/em>e<\/em>s<\/em>i<\/em>g<\/em>n<\/em>e<\/em>d<\/em>o<\/em>n<\/em>21M<\/em>a<\/em>y<\/em>1998,\u2006w<\/em>h<\/em>i<\/em>l<\/em>e<\/em>t<\/em>h<\/em>e<\/em>m<\/em>a<\/em>r<\/em>k<\/em>e<\/em>t<\/em>r<\/em>e<\/em>m<\/em>a<\/em>i<\/em>n<\/em>e<\/em>d<\/em>d<\/em>o<\/em>u<\/em>b<\/em>t<\/em>f<\/em>u<\/em>l<\/em>a<\/em>b<\/em>o<\/em>u<\/em>t<\/em>t<\/em>h<\/em>e<\/em>s<\/em>t<\/em>a<\/em>b<\/em>i<\/em>l<\/em>i<\/em>t<\/em>y<\/em>o<\/em>f<\/em>t<\/em>h<\/em>e<\/em>n<\/em>e<\/em>w<\/em>g<\/em>o<\/em>v<\/em>e<\/em>r<\/em>n<\/em>m<\/em>e<\/em>n<\/em>t<\/em>u<\/em>n<\/em>d<\/em>e<\/em>r<\/em>B<\/em>.J<\/em>.H<\/em>a<\/em>b<\/em>i<\/em>b<\/em>i<\/em>e<\/em>.(3)A<\/em>p<\/em>r<\/em>i<\/em>l<\/em>2001E<\/em>n<\/em>t<\/em>e<\/em>r<\/em>i<\/em>n<\/em>g<\/em>t<\/em>h<\/em>e<\/em>r<\/em>e<\/em>f<\/em>o<\/em>r<\/em>m<\/em>e<\/em>r<\/em>a<\/em>,\u2006t<\/em>h<\/em>e<\/em>r<\/em>u<\/em>p<\/em>i<\/em>a<\/em>h<\/em>c<\/em>a<\/em>m<\/em>e<\/em>u<\/em>n<\/em>d<\/em>e<\/em>r<\/em>p<\/em>r<\/em>e<\/em>s<\/em>s<\/em>u<\/em>r<\/em>e<\/em>a<\/em>g<\/em>a<\/em>i<\/em>n<\/em>i<\/em>n<\/em>A<\/em>p<\/em>r<\/em>i<\/em>l<\/em>2001,\u2006t<\/em>r<\/em>a<\/em>d<\/em>i<\/em>n<\/em>g<\/em>i<\/em>n<\/em>t<\/em>h<\/em>e<\/em>r<\/em>a<\/em>n<\/em>g<\/em>e<\/em>o<\/em>f<\/em>R<\/em>p<\/em>10,\u2006500t<\/em>o<\/em>R<\/em>p<\/em>12,\u2006000\/U<\/em>S<\/em><\/span>.\nThe main trigger was rising political uncertainty, as tensions between\nPresident Abdurrahman Wahid (Gus Dur) and the DPR and MPR peaked amid\nplans for a special session to dismiss the president. At the same time,\nrelations with the IMF deteriorated because loan disbursements were\ndelayed due to slow progress on economic reforms, worsening foreign\nexchange market sentiment. (4) October-November 2008 One of the rupiah\u2019s\ndark periods also occurred in 2008. From October to November that year,\npressure on the rupiah came from abroad through the Global Financial\nCrisis, which began with the collapse of the US housing market and\npeaked with the bankruptcy of Lehman Brothers in September 2008. Panic\nled global investors to pull funds from emerging markets and shift them\nto safe assets like the US dollar and US government bonds. The rupiah,\nwhich had been stable around Rp9,000\/US$ in August 2008, then fell to\nRp12,100 to Rp12,600\/US$ in November 2008. (5) September 2015 Major\npressure on the rupiah returned in 2015. Up to 14 September 2015, the\nrupiah weakened by 15.87% for the year, closing at Rp14,645\/US$ in that\nmonth. The depreciation was triggered by reduced foreign capital inflows\ndue to global sentiment, particularly the normalisation of US Federal\nReserve monetary policy and the devaluation of China\u2019s yuan. With high\nforeign exchange needs not matched by supply in the market, there was\nexcess demand for foreign currency, pressuring the rupiah throughout the\nfirst half of 2015. (6) September-October 2018 From September to October\n2018, the rupiah weakened amid turmoil in several emerging markets. The\nrupiah closed at Rp15,230\/US$ on 11 October 2018. From an external\nperspective, the weakening of currencies in Turkey, Argentina, and other\ncountries led investors to chase safe-haven assets like the US dollar,\nyen, and US debt securities. (7) March 2020 One of the deeper rupiah\nweakening moments occurred in March 2020. The exchange rate briefly\ntouched Rp16,550\/US$ and fell 13.67% throughout March 2020, even\nbreaching the psychological Rp16,000\/US$ level, the weakest since the\n1998 crisis. The main trigger was global panic due to the COVID-19\npandemic. The announcement of Indonesia\u2019s first case in early March and\nplans for activity restrictions worsened sentiment towards economic\nprospects. Foreign investors withdrew large sums from Indonesia\u2019s stock\nmarket and government bonds to move to safe havens like the US dollar.\n(8) May-June 2024 In June 2024, the rupiah broke through the\nRp16,400\/US$ level again, becoming the lowest point since the pandemic\nperiod in April 2020. The pressure mainly came from external factors,\nnamely the US Federal Reserve\u2019s interest rates remaining high for longer\nbecause US inflation had not fallen as targeted. The Fed\u2019s interest\nrates were recorded at 5.25% - 5.50% and held steady from July 2023 to\nAugust 2024, or about one year. This condition strengthened the US\ndollar and triggered capital outflows from developing country markets,\nincluding Indonesia. (9) April 2025 The rupiah faced sharp pressure in\nApril 2025 after US President Donald Trump announced aggressive global\ntariff policies on 2 April 2025. This sentiment triggered turmoil in\nglobal financial markets, followed by a strengthening of the DXY and\nrising yields on US Treasuries. On Tuesday, 8 April 2025, the rupiah\nclosed down 1.84% at Rp16,850\/US.T<\/em>h<\/em>e<\/em>r<\/em>u<\/em>p<\/em>i<\/em>a<\/em>h<\/em>a<\/em>l<\/em>s<\/em>o<\/em>c<\/em>l<\/em>o<\/em>s<\/em>e<\/em>d<\/em>a<\/em>t<\/em>R<\/em>p<\/em>16,\u2006865\/U<\/em>S<\/em><\/span>\nas the weakest point throughout 2025 at that time. Even the rupiah\nbriefly touched Rp16,970\/US$ on 9 April 2025 at 09:40 WIB, which became\nthe all-time intraday weakest position. Global investors once again\nprioritised dollar-based assets because the market assessed the room\nfor<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/dollar-breaks-through-rp-17-500-this-is-the-critical-point-for-the-rupiah-throughout-indonesias-history-1778561574", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }