Historically Weakest, 1 Malaysian Ringgit Now Equivalent to Rp4,359

Jakarta, CNBC Indonesia - The rupiah exchange rate is once again facing pressure against the Malaysian ringgit (MYR) in Thursday’s trading (23/4/2026). According to Refinitiv data, at 10:54 WIB, the rupiah was observed weakening by 0.54% against the Malaysian ringgit to the level of Rp4,359/MYR. This position also marks a new intraday weakest level for the rupiah against the Malaysian ringgit. Since the start of trading, pressure on the rupiah was already evident. The Garuda currency opened weaker at Rp4,336/MYR, before the weakening deepened as transactions progressed. The rupiah’s weakening against this neighbouring country’s currency did not occur without reason. At the same time, the rupiah is also under considerable pressure against the US dollar. The rupiah was recorded at Rp17,300/US, orweakeningby0.76, or weakening by around 0.35%. Nevertheless, the ringgit’s performance throughout this year is still considered impressive. Year-to-date, the ringgit still records an appreciation of around 2.27% against the US dollar. This means that the rupiah is experiencing greater pressure. Meanwhile, the ringgit, although weakening against the US dollar today, overall still demonstrates resilience and even outperforms the greenback throughout the year so far. The rupiah’s weakening against the ringgit is not only due to pressure on the domestic currency but also because the ringgit is indeed supported by strong fundamentals. Several global analysts assess that the ringgit still has potential to strengthen further throughout 2026. For example, Loomis Sayles strategist Hassan Malik stated that Malaysia is currently supported by resilient growth, credible macroeconomic policies, and a diversified economy, ranging from energy to data centres. Additional support comes from strong exports and robust investments in the data centre sector. Deutsche Bank and OCBC also see the ringgit still having room to strengthen, with the range of MYR3.85-3.90 per US dollar considered still possible to test this year. Impact of Rupiah Weakening Against the Ringgit The rupiah’s weakening against the ringgit could ultimately also have an impact on the tourism sector. When the rupiah exchange rate weakens, the cost of travelling in Indonesia becomes relatively cheaper for tourists from Malaysia as the ringgit strengthens. Based on data from the Central Statistics Agency (BPS), throughout 2025, the number of tourists from Malaysia visiting Indonesia reached 2,639,749 visits. That figure equates to around 17.16% of the total foreign tourist visits to Indonesia, which reached 15,386,646 visits throughout last year. With that already large number of visits, the rupiah’s weakening against the ringgit has the potential to further increase Indonesia’s attractiveness in the eyes of Malaysian tourists. A more favourable exchange rate makes the costs of hotels, food, transportation, and shopping in Indonesia relatively cheaper when calculated in ringgit. In other words, the rupiah’s weakening against the ringgit is indeed pressure from the exchange rate side. However, behind that, there is an opportunity that can be utilised, namely increasing Indonesia’s appeal as a cheaper destination for Malaysian tourists.