Bisnis, JAKARTA — The continued weakening of the rupiah has raised concerns about the resilience of the national economy, including the national banking system, which is highly vulnerable to fluctuations in global exchange rates.
The rupiah appears to be on a prolonged weakening trend this year, even breaching the psychological level of IDR16,000 per US dollar when trading resumed after the Eid holiday. According to Bloomberg, the rupiah closed at IDR16,220 on Tuesday (4/23/2024) at 14.55 Western Indonesian Time (WIB).
Compared to the rupiah’s 2023 year-end position at IDR15,399 per US dollar, the currency has weakened by 5.33 percent year-to-date (YtD).
Before the recent depreciation, the rupiah last breached IDR16,000 on April 3, 2020. At that time, it reached IDR16,300 per US dollar.
