Gate News message, April 16 — Indonesia’s rupiah reached a fresh record low against the Singapore dollar on April 15, driven by rising oil prices linked to the Iran war and capital outflows from the country’s bond and equity markets. The currency was trading at around IDR 13,500 per Singapore dollar on April 16, having fallen 9.3 percent against the Singapore dollar in 2025 and weakened by another 4 percent in 2026.
Global risk aversion triggered capital outflows from Indonesia’s bond and equity markets as investors shifted funds into safer assets. Foreign investors sold a net US$202 million (S$256.64 million) of Indonesian government bonds in January, while a local stock market rout erased approximately US$80 billion in market value after index provider MSCI flagged concerns over ownership and trading transparency. Indonesia produces oil but remains a net importer, so elevated energy prices have increased import and subsidy costs, weakening the nation’s external trade balance and fiscal position.
The currency weakness has raised concerns about reduced Indonesian demand for Singapore services, particularly healthcare, and softer export flows to Indonesia. Indonesia’s central bank has been intervening in the foreign exchange market to support the rupiah by drawing on the country’s foreign reserves, which fell US$3.7 billion to US$148.2 billion in March. Analysts expect the rupiah to gradually recover if Middle East tensions ease, with the currency now appearing undervalued and Indonesia embarking on market reforms to soothe investor concerns.
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