Rupiah Weakens Further to Rp 17,996 per US Dollar

In spot market trading on Monday, 6 July 2026, up to 10:47 WIB, the rupiah was transacted at Rp 17,996 per US dollar. This position weakened by 33 points, or 0.18 percent, from the previous level of Rp 17,963 per US dollar. This occurred despite earlier predictions by economic and money market observer Ibrahim Assuaibi that the rupiah would fluctuate but close stronger in the day’s trading. Based on Bank Indonesia’s Jakarta Interbank Spot Dollar Rate (Jisdor), the rupiah exchange rate against the US dollar stood at Rp 17,960 on Friday, 3 July 2026, strengthening by 34 points from the previous rate of Rp 17,994 on Thursday, 2 July 2026. Ibrahim explained that one factor influencing the rupiah’s exchange rate was the OECD Revenue Statistics in Asia and the Pacific 2026 report, which noted that Indonesia’s revenue from taxes on income, profits, and capital gains did not grow compared to the previous year. OECD data showed that income tax receipts only rose from Rp 1,061.94 trillion in 2023 to Rp 1,061.94 trillion in 2024, an increase of approximately Rp 700 billion, or 0.07 percent year-on-year. This figure was far below the growth of Indonesia’s total tax revenue. Over the same period, total tax revenue increased from Rp 2,517.66 trillion to Rp 2,620.67 trillion, a rise of around Rp 103 trillion. Upon closer examination, the sluggish growth in income tax revenue was influenced by a decline in corporate income tax receipts. The OECD recorded that corporate tax revenue fell from Rp 829.66 trillion in 2023 to Rp 818.30 trillion in 2024, a decrease of approximately Rp 11.36 trillion. Conversely, personal income tax receipts continued to grow, increasing from Rp 231.59 trillion to Rp 243.64 trillion, a rise of around Rp 12.05 trillion. Although slowing, income tax remains one of the main sources of state revenue.