Rupiah Weakens to Record Low Against Singapore Dollar as Money Changers Quote Rp14,000

The rupiah has faced sustained pressure against the US dollar and Singapore dollar, with several foreign exchange bureaux now quoting selling rates nearing Rp14,000 per SGD.

Alex, a money changer operator in Jatinegara, Central Jakarta, confirmed rates at Rp13,910 for buying and Rp14,010 for selling SGD. “Besides the US dollar, the Singapore dollar is also high, nearly Rp14,000 per USD,” he told CNBC Indonesia on Friday (29/5/2026). However, he noted no significant surge in demand for SGD among the public, with many still adopting a wait-and-see approach.

Sarni, a worker at Valutama money changer, echoed similar observations. “The Singapore dollar has risen, but there hasn’t been a rush to exchange,” she said, adding that transactions remain normal despite the rate nearing Rp14,000.

While SGD is typically in higher demand during school holiday seasons due to Indonesian tourists visiting Singapore, money changers are uncertain about the current impact of the rate increase. Alex stated, “SGD is getting more expensive, so there will be an impact, but we haven’t seen a drop in exchange volumes yet — it’s still normal.”

Sarni suggested the rise might attract investors seeking safe-haven assets, given SGD’s stability in Southeast Asia. “It could be for asset protection, but the volume hasn’t increased significantly,” she added.

Prices quoted by various money changers include:

• Jatinegara, East Jakarta: Buy Rp13,910, Sell Rp14,010 per SGD

• Ayu Masagung, Kwitang, Central Jakarta: Buy Rp13,950, Sell Rp14,025

• Valutama, Kwitang, Central Jakarta: Buy Rp13,850, Sell Rp13,900

The rupiah weakened 0.52% to Rp14,000 per SGD, marking the first time in history it hit this level. Since end-2025, when the SGD/IDR rate was Rp12,957.64, the rupiah has depreciated approximately 7.97% against the Singapore dollar.