Jakarta. Finance Minister Purbaya Yudhi Sadewa says the rupiah’s recent weakness against the US dollar remains relatively mild compared with other regional currencies after the exchange rate briefly crosses the 17,000-per-dollar mark earlier this month.

The rupiah slipped to Rp 17,010 per dollar in spot trading on Monday, according to data compiled by Bloomberg, weakening by 85 points, or about 0.5%. The US dollar index meanwhile rose about 0.7% to 99.67.

The move followed losses at the end of the previous week. On March 9, 2026, the rupiah weakened to Rp 17,015 per US dollar, surpassing its previous record low and falling below the level seen during the 1998 Asian financial crisis, when the currency briefly traded around Rp 16,800–Rp 16,900 per dollar.

Speaking at the government’s monthly fiscal report briefing in Jakarta on Wednesday, Purbaya said the pressure on the rupiah was largely driven by rising global uncertainty, particularly geopolitical tensions involving Iran, Israel, and the United States in the Middle East.

However, he said the currency’s depreciation has been relatively modest compared with several other regional currencies.

“If you look at the rupiah against the US dollar since the war began, the depreciation is about 0.3%. That is much better compared with some countries around us, such as Malaysia and Thailand,” Purbaya told reporters.

He said exchange-rate movements should not be judged solely by their absolute level, arguing that a fairer assessment compares the extent of depreciation relative to other currencies.

“It’s not just about the level. We should look at how much the currency has weakened. From that perspective, we are still doing relatively well,” he said.

Purbaya also acknowledged that the rupiah’s decline had triggered criticism on social media, particularly on the video platform TikTok.

“People scolded me on TikTok. They said, ‘Mr. Purbaya, what is the finance minister doing? Look at the rupiah,’” he said, recalling some of the comments.

The minister urged the public to assess Indonesia’s economic conditions more objectively by comparing the rupiah’s performance with other currencies in the region.

During the same period, Malaysia’s ringgit weakened by about 0.5%, while Thailand’s baht fell by roughly 1.6%, he said.

The comparison, Purbaya argued, suggests the rupiah has remained relatively stable despite global pressures.

He attributed the resilience partly to investor confidence in Indonesia’s economic fundamentals and policy framework.

“Markets still believe we are maintaining sound fiscal and monetary policies, and that our economic foundations remain solid,” he said.

With those fundamentals intact, Purbaya also expressed optimism about Indonesia’s financial markets, saying the country’s stock market could gradually recover.

“If our economic fundamentals remain strong, stocks will eventually rise again to better levels,” he said.

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