Sri Mulyani Reshuffled, Rupiah Opens Weaker at Rp16,494 per US Dollar

Jakarta — The rupiah exchange rate weakened at the start of trading on Tuesday, September 9, 2025. It opened at Rp16,494 per US dollar, which is 1.13 percent weaker than yesterday’s closing price of Rp16,310 per US dollar.

Sutopo Widodo, President Commissioner of HFX International Futures, said the rupiah is projected to weaken with the potential for more volatile movements.

He explained that, although the spot rupiah closed stronger at Rp16,310 on Monday, September 8, thanks to positive global sentiment and the weakening US dollar, new domestic factors have triggered market concerns.

“Initially, the rupiah benefited from positive global sentiment. Weaker-than-expected U.S. employment data has increased expectations that the Federal Reserve will soon cut interest rates,” Sutopo said.

This has made the US dollar less attractive and boosted investor interest in emerging market currencies, including the rupiah.

The Sri Mulyani Reshuffle Effect

However, Sutopo added that domestic sentiment took over yesterday afternoon. News of the cabinet reshuffle — particularly the replacement of Finance Minister Sri Mulyani Indrawati — caused the rupiah in the offshore market (NDF) to plummet from around Rp16,310 to Rp16,600 per US dollar.”

According to him, the movement of the rupiah reflects foreign investors’ concerns about political and fiscal uncertainty.

“The domestic spot market, which closed before the reshuffle announcement, will react at today’s opening. A significant weakening in the offshore market is likely to trigger a similar weakening in the domestic market,” he said. (*)

Editor: Galih Pratama