Rupiah Continues to Weaken, Leaving Several Issuers with US Dollar Debt in Distress

Jakarta, CNBC Indonesia - The Rupiah remains in a state of collapse against the US Dollar, with its position becoming increasingly vulnerable to further depreciation. This weakening of the Rupiah has become a heavy burden for companies maintaining significant debt in US Dollar denominations.

According to Refinitiv data, as of Monday (18/5/2026) at 10:10 WIB, the Rupiah stood at Rp17,660/US$, representing a 1.15% decline. This marks its weakest position on record. This downturn is driven by various negative global market sentiments, ranging from geopolitical uncertainty and potential inflation rises to capital outflows within the domestic financial market.

This situation imposes massive costs on entrepreneurs and companies involved in import businesses, as the cost of supplying raw materials surges due to exchange rate differentials. Other companies also facing losses are those holding assets or liabilities denominated in US Dollars and other foreign currencies.

The following are several issuers vulnerable to losses due to the Rupable’s weakness, compared to when the rate was at Rp17,110/US$:

PT Indofood CBP Sukses Makmur Tbk (ICBP)

ICBP is one of the issuers heavily exposed to Rupiah exchange rate fluctuations. Based on financial reports up to the end of 2025, ICBP’s total foreign currency liabilities, adjusted from a rate of Rp17,110 per US Dollar, rose from approximately Rp48.60 trillion to Rp50.13 trillion. The largest component stems from Global Bonds worth US$2.75 billion, which increased from Rp47.05 trillion to Rp48.55 trillion. Other US Dollar obligations, including accounts payable, rose from US$46.41 million (Rp794.07 billion) to Rp819.37 billion. Remaining liabilities in other currencies, such as the Saudi Riyal, Turkish Lira, and Japanese Yen, totalled approximately Rp754.70 billion. As of the reporting period, no formal hedging policy was implemented to mitigate these exchange rate risks.

PT Indofood Sukses Makmur Tbk (INDF)

As the parent company of ICBP, INDF also faces significant exposure. Total foreign currency liabilities for INDF, adjusted from the Rp17,110 rate, rose from approximately Rp56.66 trillion to Rp58.53 trillion. The largest portion consists of long-term liabilities (including Global Bonds and bank loans) worth US$2.84 billion, increasing from Rp48.52 trillion to Rp50.14 trillion. Additionally, short-term bank debt of US$384.93 million rose from Rp6.58 trillion to Rp6.80 trillion, while US Dollar accounts payable and other operational obligations rose from US$55.04 million (Rp941.73 billion) to Rp971.73 billion. Liabilities in non-USD currencies, such as the Japanese Yen, Saudi Riyal, and Turkish Lira, totalled around Rp620 billion. The company recorded no formal hedging policy for these risks during the reporting period.

PT Modernland Realty Tbk (MDLN)

The property issuer MDLN is also exposed to these fluctuations. By the end of 2025, MDLN’s total foreign currency liabilities, adjusted from Rp17,110, rose from approximately Rp5.28 trillion to Rp5.45 trillion. All these obligations are in US Dollar denominations, with the largest portion being bond debt of US$274.51 million (equivalent to Rp4.85 trillion) due in April 2027. Other debt components include syndicated loans of US$31.30 million (rising from Rp535.54 billion to Rp552.60 billion) due in January 2027, and accruals of US$3.05 million (rising from Rp52.19 billion to Rp53.85 billion). To mitigate risk, the company utilises derivative instruments such as currency forward contracts and conducts regular economic monitoring.

PT XLSmart Telecom Sejahtera Tbk (EXCL)

In the telecommunications sector, EXCL recorded total foreign currency liabilities at the end of 2022 rising from Rp1.15 trillion to Rp1.19 trillion. This consists of accounts payable to suppliers worth US$67.12 million (rising from Rp1.15 trillion to Rp1.19 trillion) and accruals of US$0.22 million (rising from Rp3.76 billion to Rp3.88 billion). Unlike previous periods, the company no longer records long-term bank loans or bonds in foreign currencies. Current exchange rate risk primarily stems from supplier payment obligations for capital expenditure. Management mitigates this through regular monitoring and evaluation via the treasury function.

PT Harum Energy Tbk (HRUM)

In the energy sector, PT Harum Energy’s total US Dollar-denominated liabilities, adjusted from Rp17,110, rose from approximately Rp24.58 trillion to Rp25.37 trillion (equivalent to US$1.43 billion). HRUM uses the US Dollar as its functional currency for financial reporting, meaning this figure represents the group’s entire US Dollar debt portion. The largest component of this US Dollar obligation comes from debt to non-controlling shareholders of subsidiaries worth US$628.97 million (rising from Rp10.76 trillion to Rp11.01 trillion). Another major component is long-term bank debt facilities, including the portion due within one year, worth US$616.67 million (rising from Rp10.55 trillion to Rp10.89 trillion).