"Dream - Bank Indonesia (BI) said that the depreciation of currency exchange rates against the US dollar (US$) is not only experienced by the Rupiah, but also by other countries in Asia."

Governor of Bank Indonesia Perry Warjiyo explained that the US$ exchange rate index against major currencies (DXY) sharply strengthened to the highest level of 106.25 on April 16, 2024, or appreciated by 4.86% compared to the end of 2023.

Other Asian countries that have experienced currency depreciation include the Thai Baht which has weakened by 7.88% and the South Korean Won which has decreased by 6.55% (ytd). However, the Rupiah is still performing better with a 5.07% (ytd) depreciation.

As known, the weakening of global currencies, including the Rupiah, is triggered by the uncertainty of the global market, which drives investors to move their portfolios to safe assets, especially in US$ and gold, causing capital flight.