Rupiah Again Hits Rp 17,717 per US Dollar as Markets Eye One-Window Export Policy

The rupiah in the spot market came under pressure at the close of trading on Friday (22 May 2026). The rupiah depreciated by 50 points or 0.28 percent to Rp 17,717 per United States dollar. Currency and commodities analyst Ibrahim Assuaibi said the rupiah’s weakness was driven by a mix of domestic and external factors. One sentiment stems from the international market’s response to President Prabowo Subianto’s speech during the DPR plenary session on Wednesday (20 May 2026). The speech concerning the Macro Economic Framework and the Core Policy of Fiscal Policy (KEM PPKF) for the 2027 RAPBN has begun to attract attention from international bodies, including S&P Global Ratings. The plan is seen as potentially weighing on exports, reducing government revenue, and affecting the country’s balance of payments. An S&P statement quoted by Reuters on Friday noted that these factors could increase uncertainty about Indonesia’s credit rating prospects. The situation also adds downside risk to Indonesia’s rating. The establishment of a one-stop export commodities agency was first announced by President Prabowo Subianto in his DPR speech. The agency will be named PT Danantara Sumberdaya Indonesia (DSI). DSI will be responsible for purchasing all export commodities from domestic companies, then selling them to foreign buyers. “Internally, the President’s remarks yesterday in the DPR are also under review by international rating agencies, one of them S&P Global, which is likely to downgrade Indonesia’s rating,” Ibrahim told reporters on Friday afternoon. “Why? Because we see that the fiscal deficit issue, which could widen to near 3 percent, is one of the reasons S&P will downgrade the rating,” he said.