Rupiah Loses Ground Against Ringgit, Singapore Dollar, and Baht

The Indonesian rupiah is under renewed pressure, weakening not only against the United States dollar but also against several neighbouring currencies. According to Refinitiv data, the rupiah depreciated 0.64% to Rp17,950 per US dollar on Wednesday (24/6/2026), edging closer to the psychological level of Rp18,000 per US dollar that has recently drawn market attention. The rupiah’s decline coincides with a strengthening US dollar in global markets, reflected in the US Dollar Index (DXY) closing at 101.408 on Tuesday (23/6/2026), its highest level in 13 months. The strong greenback has put emerging market currencies under pressure, but the rupiah’s weakness extends beyond the US dollar. The deepest regional depreciation was against the Malaysian ringgit, with the rupiah falling 0.75% to Rp4,330 per ringgit. It also corrected 0.56% against the Singapore dollar to Rp13,827 per SGD, nearing the psychological area of Rp14,000 per SGD, and slipped 0.03% against the Thai baht to Rp537.05 per THB. This regional weakness indicates that the rupiah’s pressure is not solely from external dollar strength; it is also struggling to keep pace with regional peers. The Malaysian ringgit has been supported by solid trade performance and a surplus trade balance, helping maintain foreign exchange supply. The Singapore dollar, backed by economic stability, credible monetary policy, and the city-state’s status as a regional financial hub, has proven relatively resilient during global market volatility. The rupiah’s pressure comes amid rising demand for dollar-based assets, driven by expectations of high US interest rates and increased caution in financial markets. This presents a dual challenge: a strengthening dollar externally and domestic scrutiny of monetary policy direction, fiscal conditions, and Bank Indonesia’s ability to maintain exchange rate stability. As long as the dollar remains strong and sentiment towards emerging market assets has not recovered, the rupiah is likely to remain under pressure against both the US dollar and major Southeast Asian currencies.