Rupiah Weakens as Singapore Dollar Demand Rises at Jakarta Money Changers

JAKARTA - Amid the rupiah’s depreciation against foreign currencies, demand for Singapore dollars (SGD) at Jakarta money changers has increased. The Singapore dollar has become one of the most sought-after foreign currencies alongside the US dollar.

Aris, staff at PT Daffa Indo Valuta, said the recent surge in SGD demand is due to people viewing it as an alternative store of value amid the rupiah’s weakness. On the trading day, the rupiah briefly hit Rp14,000 per SGD before settling at Rp13,992. Daffa Indo Valuta sold SGD at Rp14,000 per unit that day.

He added that the increased demand aligns with holiday season and higher mobility to Singapore. Other currencies with rising demand include Saudi riyal for Hajj and Thai baht and Malaysian ringgit for tourism.

Samanhudi Lucky, branch head at Dolarindo, noted SGD demand rose ahead of school holidays, with people also seeking other Asian currencies for overseas travel. “Singapore dollar, Vietnamese dong, Malaysian ringgit, Thai baht – these are the currencies most in demand as school holidays approach,” Lucky said on Friday.