Rupiah Plunges to All-Time Weakest Level, Domestic Factors to Blame

JAKARTA - The rupiah exchange rate continued to deteriorate towards the end of April 2026. On Wednesday (29/4/2026), the spot market rupiah rate weakened by Rp 83 or 0.48 percent to Rp 17,326 per US dollar.

The rupiah closed at its all-time weakest level. It briefly touched Rp 17,341 per US dollar at 10:40 WIB this morning.

In line with this, the Jisdor rupiah rate weakened by Rp 79 or 0.46 percent to Rp 17,324 per US dollar. This also represents the weakest Jisdor position ever.

One external factor adding pressure is the rise in global crude oil prices.

However, Lukman emphasised that the main pressure stems from domestic sources.

“The strong pressure on the rupiah more reflects domestic concerns, Bank Indonesia’s decision to maintain interest rates, the decline in forex reserves (cadangan devisa), and the lack of clear government efforts to cut non-urgent budgets such as MBG,” Lukman told Kontan on Wednesday (29/4/2026).

For Thursday’s trading (30/4/2026), Lukman predicts the rupiah’s movement will still be influenced by external sentiment, particularly the outcome of the Federal Open Market Committee (FOMC) meeting.

Although the benchmark interest rate is expected to remain unchanged, the market awaits the direction of the US central bank’s policy.

“The market expects The Fed to issue a statement that leans hawkish in response to the rise in crude oil prices,” he explained.

For tomorrow’s trading, Lukman projects the rupiah will move within the range of Rp 17,250 to Rp 17,400 per US dollar.