The Indonesian rupiah has faced significant challenges in 2025, depreciating by approximately 2% against the US dollar since the year’s start, the largest decline among Asian currencies. On March 18, the currency hit a two-week low of 16,470 per US dollar, with projections suggesting it may reach 16,528.81 by the quarter’s end. This decline coincided with a 7.1% plunge in the Jakarta Composite Index on the same day. The economic situation is further strained by a 30% drop in tax revenue in February and foreign debt rising to USD 427.5 billion in January. Investors are increasingly concerned about the expanding role of the state in the economy and management of state-owned enterprises, contributing to the overall economic uncertainty and currency weakness
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