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Al Jazeera
Al Jazeera
World
Erin Hale

Why Indonesia’s sinking rupiah is a flashing alarm for its $1.4tn economy

Prabowo Subianto Indonesia Economy Donald Trump Soeharto Al Jazeera United States
A clerk poses with Indonesian rupiah banknotes at a money changer in Jakarta on May 2, 2024 [Adek Berry/ AFP]

Indonesia’s rupiah is trading at record lows against the US dollar, stirring memories of the 1997-98 Asian financial crisis.

While the rupiah has been battered by the market uncertainty stemming from US President Donald Trump’s sweeping tariffs, the currency’s slide began weeks before Wednesday’s “Liberation Day” announcement.

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