JAKARTA, KOMPAS.com – The Rupiah has returned to public attention after touching the level of Rp. 18,200 per United States (US) dollar on Monday (8/6/2026).
This figure is even weaker than the lowest point during the 1998 monetary crisis which was in the range of IDR 16,650 to IDR 16,800 per US dollar.
The weakening this time has left the rupiah at an all-time low.
Also read: Analyst: BI Rate Increases to Attract Foreign Capital and Protect the Rupiah
PEXELS/DEFRINO MAASY Illustration of the rupiah, rupiah exchange rate. The Denpasar City Government (Pemkot) officially disbursed Political Party Financial Assistance (Banpol) funds for the 2026 Fiscal Year (FY). The total budget allocated reached IDR 1,707,940,000 or around IDR 1.7 billion.
这种情况引起了人们长期以来的担忧。 For some people, the weakening of the rupiah is synonymous with the economic crisis that rocked Indonesia almost three decades ago.
However, former Minister of Finance and senior economist Chatib Basri believes that the current conditions cannot be compared to the 1998 crisis.
“Well, now the question is this, this is always the question I am asked, is 1998 the same as 2026? My answer is no. Why is the biggest difference between 1998 and 2026 the flexible exchange rate,” said Chatib in Jakarta, Tuesday (9/6/2026).
A similar assessment is also reflected in the CORE Indonesia study which states that Indonesia’s macroeconomic institutions are currently much stronger than during the 1997/1998 monetary crisis.
Also read: IHSG and Rupiah Strengthen as Rumors of Minister of Finance Reshuffle Subside
Even though the rupiah has penetrated its weakest level in history, the character of the pressure that is occurring is different from the crisis that hit Indonesia more than 25 years ago.
According to Chatib, the biggest difference lies in the exchange rate system which is now more flexible.
During the 1998 crisis, many Indonesian companies had debts in US dollars, while their income was obtained in rupiah. When the rupiah fell, the value of liabilities rose drastically and triggered a wave of non-performing loans in the banking sector.
Currently, the business world is considered much better prepared to face exchange rate fluctuations.
KOMPAS.com/SAKINA RAKHMA DIAH SETIAWANRupiah has become public attention again after touching the level of IDR 18,200 per United States (US) dollar on Monday (8/6/2026).
Also read: BI Governor Denies Foreign Exchange Reserves Are Depleting Due to Rupiah Intervention
“Now what is happening is, there is a different foreign exchange regime which allows people to make adjustments. So I’m not really worried about those in the upper middle class,” said Chatib.
According to him, many companies are now using hedging instruments to reduce exchange rate risk.
Some high-income households also hold assets in US dollars, especially those who need to pay for education abroad.
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