S&P Forecasts Rupiah Exchange Rate at Rp 17,700 per US Dollar

Jakarta, CNBC Indonesia – International rating agency S&P Global Ratings projects the rupiah exchange rate against the US dollar to reach Rp 17,700/US$ in 2026.

Although this is lower than the rupiah’s position in today’s trading (13/7/2026) at Rp 18,100/US, theprojectionishigherthanthegovernment′stargetrangeofRp16, 200/US to Rp 16,800/US$.

The good news is that S&P Global Ratings has overall decided to maintain Indonesia’s credit rating at BBB for the long term and A-2 for the short term. Meanwhile, Indonesia’s outlook remains at a stable level.

In a report released on 13 July 2026, S&P assessed that the weakening of several Indonesian economic indicators, both on the fiscal and external sides, is still temporary and has the potential to improve in the coming years.

“We affirm Indonesia’s credit rating at BBB for the long term and A-2 for the short term. The outlook on the long-term rating remains stable,” S&P wrote in its report.

S&P acknowledged that Indonesia’s fiscal and external positions have come under pressure recently. This situation has been triggered by high energy prices, rising global interest rates, the depreciation of the rupiah, growing policy uncertainty, and the accumulation of debt. Nevertheless, S&P considers these pressures to be non-permanent.