{ "success": true, "data": { "id": 1649158, "msgid": "rupiah-at-its-weakest-in-history-how-the-current-situation-differs-from-1998-1775037061", "date": "2026-04-01 16:05:08", "title": "Rupiah at Its Weakest in History: How the Current Situation Differs from 1998!", "author": "", "source": "CNBC", "tags": "", "topic": "Finance", "summary": "The Indonesian rupiah hit a historic low, briefly surpassing the psychological threshold of Rp17,000 against the US dollar on 1 April 2026, before rebounding slightly. While this level evokes memories of the 1998 financial crisis, experts emphasise key differences: the current depreciation is gradual at just 0.62% over a week and 1.7% year-to-date, unlike the sharp 153% plunge in 1998 amid political turmoil and systemic panic. This suggests vigilance is warranted but panic is premature, as the rupiah's controlled weakening indicates manageable external and domestic pressures.", "content": "

The rupiah exchange rate has officially touched the psychological\nlevel of Rp17,000 against the US dollar on trading Wednesday (1 April\n2026). According to Refinitiv data, the rupiah did breach that level at\n09:31 WIB this morning, with the weakening even continuing to touch\nRp17,026\/US,\u2006m<\/em>a<\/em>k<\/em>i<\/em>n<\/em>g<\/em>i<\/em>t<\/em>t<\/em>h<\/em>e<\/em>a<\/em>l<\/em>l<\/em>\u2005\u2212\u2005t<\/em>i<\/em>m<\/em>e<\/em>w<\/em>e<\/em>a<\/em>k<\/em>e<\/em>s<\/em>t<\/em>i<\/em>n<\/em>t<\/em>r<\/em>a<\/em>d<\/em>a<\/em>y<\/em>l<\/em>e<\/em>v<\/em>e<\/em>l<\/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>.H<\/em>o<\/em>w<\/em>e<\/em>v<\/em>e<\/em>r<\/em>,\u2006b<\/em>y<\/em>m<\/em>i<\/em>d<\/em>d<\/em>a<\/em>y<\/em>,\u2006t<\/em>h<\/em>e<\/em>r<\/em>u<\/em>p<\/em>i<\/em>a<\/em>h<\/em>m<\/em>a<\/em>n<\/em>a<\/em>g<\/em>e<\/em>d<\/em>t<\/em>o<\/em>r<\/em>e<\/em>b<\/em>o<\/em>u<\/em>n<\/em>d<\/em>,\u2006s<\/em>t<\/em>r<\/em>e<\/em>n<\/em>g<\/em>t<\/em>h<\/em>e<\/em>n<\/em>i<\/em>n<\/em>g<\/em>b<\/em>y<\/em>0.09<\/span>,\nor back out of its psychological level. Nevertheless, the question\nremains whether the rupiah\u2019s condition, which briefly breached a level\ndeemed crucial by many, should be a cause for concern that an\nundesirable situation might occur. To answer this, the current situation\nneeds to be viewed more proportionately, including by comparing it to\nthe rupiah\u2019s worst period in the past. Be Vigilant, But Not Time to\nPanic Yet In reading exchange rate movements, the market does not only\nlook at the final level, but also the speed and range of the weakening.\nThis is important, because weakening that occurs slowly and measurably\nis generally far better than a sharp spike in a short time. In other\nwords, a weakening exchange rate does indeed need to be watched.\nHowever, the level of concern will differ if the movement is still\nrelatively orderly and not wild. Compared to 1998, the current situation\ndoes indeed need to be monitored, but its character is very different.\nDuring the 1998 crisis, Indonesia not only faced exchange rate\nweakening, but a multi-layered crisis encompassing the economy, banking,\npolitics, and society. The initial pressure came from the 1997 Asian\nfinancial crisis that caused the rupiah to collapse, then the situation\nworsened when market confidence in the government and financial sector\ncrumbled. That condition was exacerbated by major riots after the\nTrisakti student shooting in May 1998, waves of demonstrations, looting,\nand the fall of President Soeharto on 21 May 1998. Therefore, the\nrupiah\u2019s weakening at that time was very sharp and full of panic. In the\ndarkest phase, the rupiah closed at Rp15,200\/US$ on 16 June 1998 and\nbriefly touched Rp16,800\/US$ intraday. However, the main difference is\nnot solely in the exchange rate level, but in the way the rupiah\nweakened. Based on Refinitiv data, on 2 January 1998 the rupiah was\nstill at Rp6,000\/US.T<\/em>h<\/em>a<\/em>t<\/em>m<\/em>e<\/em>a<\/em>n<\/em>s<\/em>,\u2006i<\/em>n<\/em>j<\/em>u<\/em>s<\/em>t<\/em>a<\/em>b<\/em>o<\/em>u<\/em>t<\/em>f<\/em>i<\/em>v<\/em>e<\/em>a<\/em>n<\/em>d<\/em>a<\/em>h<\/em>a<\/em>l<\/em>f<\/em>m<\/em>o<\/em>n<\/em>t<\/em>h<\/em>s<\/em>,\u2006t<\/em>h<\/em>e<\/em>r<\/em>u<\/em>p<\/em>i<\/em>a<\/em>h<\/em>p<\/em>l<\/em>u<\/em>m<\/em>m<\/em>e<\/em>t<\/em>e<\/em>d<\/em>153.3<\/span>.\nThat was very aggressive weakening in a short time, occurring amid\nextraordinary market panic. The rupiah fell not only due to external\nshocks, but also because the domestic foundations at that time shook\nsimultaneously. Compare that to the current situation. The rupiah has\nindeed touched Rp17,000\/US,\u2006e<\/em>v<\/em>e<\/em>n<\/em>b<\/em>r<\/em>i<\/em>e<\/em>f<\/em>l<\/em>y<\/em>w<\/em>e<\/em>a<\/em>k<\/em>e<\/em>r<\/em>t<\/em>h<\/em>a<\/em>n<\/em>t<\/em>h<\/em>a<\/em>t<\/em>i<\/em>n<\/em>t<\/em>r<\/em>a<\/em>d<\/em>a<\/em>y<\/em>.H<\/em>o<\/em>w<\/em>e<\/em>v<\/em>e<\/em>r<\/em>,\u2006t<\/em>h<\/em>e<\/em>w<\/em>e<\/em>a<\/em>k<\/em>e<\/em>n<\/em>i<\/em>n<\/em>g<\/em>d<\/em>i<\/em>d<\/em>n<\/em>o<\/em>t<\/em>o<\/em>c<\/em>c<\/em>u<\/em>r<\/em>s<\/em>u<\/em>d<\/em>d<\/em>e<\/em>n<\/em>l<\/em>y<\/em>l<\/em>i<\/em>k<\/em>e<\/em>i<\/em>n<\/em>1998.F<\/em>r<\/em>o<\/em>m<\/em>26M<\/em>a<\/em>r<\/em>c<\/em>h<\/em>2026w<\/em>h<\/em>e<\/em>n<\/em>t<\/em>h<\/em>e<\/em>r<\/em>u<\/em>p<\/em>i<\/em>a<\/em>h<\/em>w<\/em>a<\/em>s<\/em>a<\/em>t<\/em>R<\/em>p<\/em>16,\u2006895\/U<\/em>S<\/em><\/span>\nto 1 April 2026 at Rp17,000\/US,\u2006t<\/em>h<\/em>e<\/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>w<\/em>a<\/em>s<\/em>o<\/em>n<\/em>l<\/em>y<\/em>a<\/em>b<\/em>o<\/em>u<\/em>t<\/em>0.62<\/span>\nlevel is indeed psychologically heavy and still signals that external\nand domestic pressures are significant. However, so far, the rupiah\u2019s\nweakening more reflects gradual market pressure.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/rupiah-at-its-weakest-in-history-how-the-current-situation-differs-from-1998-1775037061", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }