Hashim: Rupiah Could Fall to Rp21,000 per US Dollar if Foreign Funds Keep Fleeing

Hashim Djojohadikusumo, chairman of the advisory board of the Indonesian Chamber of Commerce and Industry (Kadin) for 2024–2029, has warned of the risks if foreign funds continue to flee Indonesia’s financial markets. One possible consequence, he said, is that the rupiah could weaken to Rp21,000 per US dollar.

Speaking at the opening of Kadin’s National Leadership Meeting in Jakarta on Thursday (29 October 2026), Hashim said there were indications of unhealthy practices in the domestic stock market, including so-called “pump-and-dump” stocks.

He said this was among the issues highlighted and questioned by global ratings provider MSCI. “If the free float is reduced, the P/E ratio becomes absurd. It makes no sense; this is what is being questioned,” he said.

Hashim called for the problem to be addressed seriously. If foreign funds continue to leave Indonesia’s stock market, he said, the rupiah would come under further pressure. “I have calculated that the rupiah could reach Rp20,000–Rp21,000,” Hashim said.

If the rupiah continued to weaken and reached those levels, Indonesia’s foreign borrowing would swell and the country would have to pay more, he added. Hashim said the risk could become a disaster and calamity.

To prevent that outcome, Hashim called for stock-price manipulation to be stopped immediately. He said the government would also take firm action against the practice.

More than 30 million investors are active in the capital market and could fall victim to share-price manipulation, he said. Hashim cited enforcement against stock manipulation in Türkiye as an example.

“There is a similar problem in Türkiye. As of yesterday, 94 perpetrators there had been arrested by the police,” he said.