Rupiah hits record low against Singapore dollar at Rp 14,000

JAKARTA, KOMPAS.com - The rupiah faces mounting pressure. On Friday (29 May 2026), the exchange rate against the US dollar approached the psychological level of Rp 17,900 per US dollar, the weakest point in history.

In the spot market, the rupiah depreciated to Rp 17,893 per US dollar, down 48 points or 0.27%.

On the same trading day, the rupiah briefly touched Rp 14,000 per Singapore dollar. However, the pressure eased slightly, allowing the rupiah to recover to Rp 13,982 per Singapore dollar.

Throughout the day, the Singapore dollar was expected to trade between Rp 13,932 and Rp 14,001. Since the start of 2026, the Singaporean currency has strengthened by approximately 7.34% against the rupiah.

This level is not only a new record low but also indicates the rupiah has yet to find equilibrium that can restore market confidence.

Ibrahim noted further depreciation risks up to Rp 15,000-Rp 16,000 per Singapore dollar if the factors currently weighing on Indonesia’s financial markets do not improve.

‘Indeed, the rupiah against the Singapore dollar has touched or neared the all-time low of Rp 14,000. However, there is a high likelihood it will head towards Rp 15,000-Rp 16,000,’ Ibrahim told Kompas.com on Friday afternoon.

He assessed that the pressure on the rupiah stems from domestic fundamental issues causing market anxiety. According to him, government policies have influenced investors’ perceptions of Indonesia’s fiscal outlook.

‘We know there are many large-scale government programs that have raised concerns over the budget deficit,’ he said.