Rupiah Plunges, Kadin Chairman: We Must Increase Exports Willy-Nilly
JAKARTA, KOMPAS.com - General Chairman of the Indonesian Chamber of Commerce and Industry (Kadin) Anindya Bakrie views that the country’s export volume needs to be increased, following the rupiah’s plunge to Rp17,300 per US dollar.
Anindya stated that exports of any commodities, whether oil and gas (Migas) or non-Migas, which are deemed capable of bringing in foreign exchange for the country, must be encouraged.
“We have no choice but to increase efforts on the exports that have been ongoing,” said Anindya during a press conference at the Kadin Tower, Jakarta, on Friday (24/4/2026).
He acknowledged that demand for export commodities in the international market is not currently in a normal condition.
“Whatever it is, as long as it can generate foreign exchange, we must push it,” he said.
According to him, there are many factors weakening the rupiah, particularly related to transactions using the US dollar.
Currently, he said, assets classified as safe havens such as gold are even experiencing declines because they are being sold off.
Safe haven refers to investments that tend to be stable and increase during global economic crises.
“And if that happens to gold, it might also happen in other places, including the rupiah. Because what the market is seeking is anything that can provide liquidity,” he said.
On the same occasion, Director of Insight at the Kadin Institute Fakhrul Fulvian mentioned that the rupiah’s weakening is due to external pressures, one of which is the rise in oil prices.
When oil prices are under pressure (rising), all parties need US dollars.
Because most oil purchase agreements in West Asia (Middle East) use US dollars or petrodollars.
“That’s why when oil prices are under pressure and everyone is forced to buy oil, the demand for dollars right now is unusually high. This isn’t usually like this,” said Fakhrul.
Previously, the rupiah exchange rate against the US dollar has continued to weaken.
At the end of 2025, the rupiah exchange rate was at Rp16,699 per US dollar.
After the war in West Asia erupted, its value continued to fall to Rp17,300 per US dollar.
Head of Economics at Permata Bank Josua Pardede said that based on the Real Effective Exchange Rate (REER) indicator, the rupiah is currently below its fair value.
“I think the statement that the rupiah is undervalued has a basis if viewed from the real effective exchange rate (REER), not just from the rupiah-to-US dollar figure on the screen,” he told Kompas.com on Thursday (23/4/2026).