{
    "success": true,
    "data": {
        "id": 1885575,
        "msgid": "rupiah-weakness-hits-these-six-indonesian-companies-with-high-dollar-debt-1785221525",
        "date": "2026-07-28 13:20:05",
        "title": "Rupiah Weakness Hits These Six Indonesian Companies with High Dollar Debt",
        "author": "",
        "source": "CNBC",
        "tags": "",
        "topic": "Economy",
        "summary": "The Indonesian rupiah's depreciation to Rp18,000 per US dollar is putting significant financial pressure on several publicly listed companies with substantial foreign currency-denominated debt. Firms such as Indofood CBP Sukses Makmur (ICBP), Indofood Sukses Makmur (INDF), and Modernland Realty (MDLN) face increased liability values, with some lacking formal hedging policies to mitigate the exchange rate risk. The currency's decline is attributed to domestic factors, including the resignation of the central bank governor, and global economic uncertainties.",
        "content": "<p>The rupiah\u2019s continued depreciation against the US dollar is placing\na heavy burden on Indonesian companies with significant foreign currency\ndebt. The local currency weakened to Rp18,000 per US dollar on Monday,\npressured by domestic sentiment following the resignation of Bank\nIndonesia Governor Perry Warjiyo and ongoing global economic\nuncertainties. This depreciation has inflated the rupiah value of\ndollar-denominated liabilities for several publicly listed companies,\npotentially straining their financial positions.<\/p>\n<p>PT Indofood CBP Sukses Makmur Tbk (ICBP) reported total foreign\ncurrency liabilities of approximately Rp48.60 trillion at the end of\n2025, based on an exchange rate of Rp17,110 per US dollar. With the\nrupiah at Rp18,000, this figure swells to around Rp51.09 trillion. The\nlargest component is its Global Bonds worth US$2.75 billion. The company\nnoted it had no formal hedging policy in place for this exposure.<\/p>\n<p>Its parent company, PT Indofood Sukses Makmur Tbk (INDF), faces a\nsimilar predicament. Its total foreign currency liabilities, including\nUS$2.84 billion in Global Bonds and bank loans, increased from\napproximately Rp56.66 trillion to Rp59.66 trillion due to the exchange\nrate shift. Like its subsidiary, INDF reported no formal hedging policy\nfor its foreign exchange risk.<\/p>\n<p>Property developer PT Modernland Realty Tbk (MDLN) also has\nsubstantial exposure, with total US dollar liabilities rising from\naround Rp5.28 trillion to Rp5.56 trillion. The bulk of this is a\nUS$274.51 million bond maturing in April 2027. The company stated it\nuses derivative instruments, such as forward currency contracts, to\nmitigate this risk.<\/p>\n<p>In the telecommunications sector, PT XLSmart Telecom Sejahtera Tbk\n(EXCL) reported foreign currency liabilities increasing from Rp1.15\ntrillion to Rp1.21 trillion, primarily from trade payables to vendors\nfor capital expenditure. The company manages this risk through regular\nmonitoring and evaluation by its treasury function.<\/p>\n<p>PT Harum Energy Tbk (HRUM), a coal mining company, also has\nsignificant US dollar-denominated liabilities. Its total foreign\ncurrency obligations, including bank loans and bonds, rose from\napproximately Rp2.00 trillion to Rp2.10 trillion. The company employs a\nnatural hedging strategy by holding cash and cash equivalents in US\ndollars to offset the risk.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/rupiah-weakness-hits-these-six-indonesian-companies-with-high-dollar-debt-1785221525",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}