Singapore Dollars Sell Well as Rupiah Weakens, Bringing Multiple-Fold Gains

Money changers in Central Jakarta say Singapore dollars are being sold in greater numbers as the rupiah continues to weaken. PT Daffa Indo Valuta, located in Kwitang, Central Jakarta, reported that many customers had been selling Singapore dollars and exchanging them for rupiah.

Aris Permana, a supervisor at PT Daffa Indo Valuta, said more people were currently selling Singapore dollars than US dollars. He said this was because the Singapore dollar had risen significantly. On Monday, the exchange house’s selling rate for the Singapore dollar was Rp16,180, while its buying rate was Rp15,950.

“More people are selling Singapore dollars at the moment. Some are selling US dollars too, but not as many as Singapore dollars, because it is the Singapore dollar—not the US dollar—that has risen significantly,” Aris told CNBC Indonesia on Monday (19 October 2026).

One customer sold S$20,000 to PT Daffa Indo Valuta that day. At the buying rate of Rp15,950, the customer received Rp319 million. Aris did not say by what percentage the exchange rate had risen in recent months.

Meanwhile, customers were also gathering at VIP Money Changer in Menteng. Several were selling other foreign currencies amid the rupiah’s weakness.

Zulkarnaen, 35, chose to sell Brunei dollars and exchange them for rupiah at a rate of Rp14,030. He said he was taking advantage of the higher buying rate, which had usually been around Rp13,000. On this occasion, he exchanged B$5,000.

At Rp14,030, Zulkarnaen received Rp70.15 million for his B$5,000. At a rate of Rp13,000, he would have received only Rp65 million.

“It’s mainly because the rate has gone up. It’s usually around Rp13,000-something, but now it’s Rp14,000, so I thought I might as well,” Zulkarnaen said.

He said the rupiah was currently weakening against other currencies. The upside, he added, was that the difference in exchange rates had given him money to put into savings.

At the same money changer, an employee named Rina was exchanging rupiah for Saudi riyals. She paid Rp4,800 per riyal to buy SAR3,000, but said the exchange was not prompted by currency fluctuations. She was preparing to travel to Saudi Arabia for religious purposes.

“I’m buying 3,000 Saudi riyals because I’m travelling abroad for worship,” Rina said.