With Dollar Debt Burdens, These Indonesian Issuers Are Bracing for a Shake-Up
The rupiah is still observed to be collapsing against the US dollar, with its position becoming increasingly vulnerable to further weakening, thus making this rupiah depreciation a burden for companies that hold substantial debts in US dollars.
According to Refinitiv data, today, Monday (13/4/2026) until 10:33 WIB, the rupiah is at Rp17,120/US$, having weakened by 0.2%. This is the weakest position ever.
This weakening occurred after the last trading session on Friday (10/4/2026), when the rupiah also closed slightly weaker by 0.03% at Rp17,085/US$.
This is due to numerous negative sentiments in the global market, starting from uncertainties in the global geopolitical situation, potential rises in inflation values, and also outflows occurring in the domestic financial market.
This imposes a significant cost burden on entrepreneurs or companies with import businesses because the burden of supplying raw materials will soar higher due to exchange rate differences.
Other companies that tend to be disadvantaged when the rupiah weakens are those that hold dollar-denominated funds.
Here are several issuers that are vulnerable to losses when the rupiah weakens:
PT Indofood CBP Sukses Makmur Tbk (ICBP)
PT Indofood CBP Sukses Makmur Tbk (ICBP) is one of the issuers exposed to the impact of rupiah exchange rate fluctuations.
According to the financial report as of the end of 2025, ICBP has total foreign currency liabilities as of 31 December 2025, with an exchange rate adjustment of Rp17,110 per US dollar, amounting to approximately Rp48.60 trillion.
The largest component comes from Global Bonds worth US$2.75 billion, equivalent to Rp47.05 trillion. Other US dollar obligations, including trade payables, are recorded at US$46.41 million or equivalent to Rp794.07 billion.
The remaining liabilities in other currencies, such as Saudi Riyal, Turkish Lira, and Japanese Yen, have a cumulative total value of approximately Rp754.70 billion.
As of the reporting period, there is no formal hedging policy implemented to mitigate the risk of foreign exchange rate fluctuations.
PT Indofood Sukses Makmur Tbk (INDF)
Next, there is the parent company of ICBP, namely PT Indofood Sukses Makmur Tbk (INDF), which also has exposure to rupiah fluctuations.
INDF’s total foreign currency liabilities as of 31 December 2025, with an exchange rate adjustment of Rp17,110 per US dollar, reach approximately Rp56.66 trillion. The largest portion comes from long-term obligations (including Global Bonds and bank loans) worth US$2.84 billion, equivalent to Rp48.52 trillion.
In addition, there are short-term bank loans worth US$384.93 million (equivalent to Rp6.58 trillion), as well as trade payables and other operational obligations in US dollars amounting to US$55.04 million (equivalent to Rp941.73 billion).
Obligations in non-USD currencies, such as Japanese Yen, Saudi Riyal, and Turkish Lira, have a cumulative value of approximately Rp620 billion. The company is recorded as having no formal hedging policy for exchange rate fluctuation risks during the relevant reporting period.
PT Modernland Realty Tbk (MDLN)
Property issuer PT Modernland Realty Tbk (MDLN) is the next company exposed to rupiah fluctuation conditions.
As of the end of 2025, MDLN has total foreign exchange liabilities as of 31 December 2025, with an exchange rate adjustment of Rp17,110 per US dollar, recorded at approximately Rp5.28 trillion.
All of these obligations are denominated in US dollars, with the largest portion coming from bond debts worth US$274.51 million or equivalent to Rp4,696.87 billion, due in April 2027.
Other debt components include syndicated loans of US$31.30 million (equivalent to Rp535.54 billion) due in January 2027, as well as accrued expenses of US$3.05 million (equivalent to Rp52.19 billion).
To mitigate exchange rate fluctuation risks, the company uses derivative instruments in the form of currency forward contracts and conducts regular monitoring of economic conditions.
PT XLSmart Telecom Sejahtera Tbk (EXCL)
From the telecommunications sector, PT XLSmart Telecom Sejahtera Tbk (EXCL) recorded total foreign exchange liabilities as of the end of 2025 at Rp1.15 trillion. This portion comes from trade payables to suppliers worth US$67.12 million (equivalent to Rp1.15 trillion) and accrued expenses of US$0.22 million (equivalent to Rp3.76 billion).
Unlike previous periods, the company no longer records long-term bank loans or bonds in foreign currencies at the end of 2025.
The current exchange rate risk exposure mainly stems from payment obligations to suppliers for capital expenditure needs. To mitigate this risk, management conducts regular monitoring and evaluation through the treasury function in accordance with policies approved by the Board of Directors.
PT Harum Energy Tbk (HRUM)
In the energy sector, PT Harum Energy recorded total foreign exchange liabilities of PT Harum Energy Tbk in US dollar denomination as of 31 December 2025, with an exchange rate adjustment of Rp17,110 per US dollar, at approximately Rp24.58 trillion (equivalent to US$1.43 billion).
HRUM uses the US dollar as its functional and presentation currency for financial statements, so this value represents the entire portion of dollar-denominated debt held by the group.
The largest component of these US dollar obligations comes from debts to non-controlling shareholders of subsidiaries worth US$628.97 million (equivalent to Rp10,761.83 billion).
The main other components are long-term bank debt facilities, including portions due within one year, worth US$616.67 million (equivalent to Rp10.55 trillion).
The remaining US dollar-denominated liabilities include operational items such as trade payables, other payables, accrued expenses, and tax liabilities, with a cumulative total value of approximately US$191.31 million (equivalent to Rp3.27 trillion).
To mitigate currency exchange rate fluctuation risks, management implements a cash flow balancing policy (natural hedging) by aligning receipts and payments from operational activities.