Indonesia's rupiah has fallen past 18,000 to the dollar, surpassing even the catastrophic levels of the 1998 Asian financial crisis that once toppled a government and shook a nation to its foundations. Unlike that earlier convulsion, this collapse is driven not by external storms but by the quieter erosion of domestic policy trust, fiscal uncertainty, and institutional strain. The damage is not yet visible in the streets as open revolt, but it is deeply present in the shrinking portions of tempeh, the quieter market stalls, and the millions of young Indonesians borrowing money online just to e
Indonesia's rupiah hits historic lows, sparking economic crisis for millions
Tens of millions of low-income Indonesians, particularly informal sector workers and small business owners, face reduced purchasing power, business closures, and increasing reliance on high-risk debt to cover basic living costs.