# Rupiah at 1998 crisis level pressures reserves, foreign-denominated debt - Business - The Jakarta Post

> The rupiah breached 16,000 per US dollar on Friday, its weakest level since the 1998 crisis, and was down more than 15% for the year. Bank Indonesia said it had spent Rp 163 trillion on government bond purchases and continues intervening in spot and non-deliverable forward markets to supply dollars. Foreign investors had pulled Rp 105.1 trillion in capital since the start of the year.

- Date: 2020-03-20 · published 2020-03-20T12:00:00.000Z
- Category: macro · region Indonesia · magnitude medium
- Page: https://feedsoft.ai/events/54436-rupiah-at-1998-crisis-level-pressures-reserves-foreign-denominated-debt
- Commodities: [Indonesian Rupiah (IDR per USD)](https://feedsoft.ai/c/USDIDR.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

A weaker rupiah raises the local-currency cost of imported feed ingredients such as soybean meal and corn, pressuring Indonesian feed millers and livestock margins. Dollar strength generally supports lower-priced exports from competing origins.

## Read by commodity

- SBM: neutral
- USDIDR: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2018-08-31 | [IMF vows ‘full support’ for Argentina amid economic crisis \| Business and Economy \| Al Jazeera](https://feedsoft.ai/events/63824-imf-vows-full-support-for-argentina-amid-economic-crisis-business-and-economy.md) | +4.2% | +1.3% |
| SBM | 2024-06-25 | [Milei’s push to rebuild Argentina’s foreign reserves grinds to a halt \| Buenos Aires Times](https://feedsoft.ai/events/30075-milei-s-push-to-rebuild-argentina-s-foreign-reserves-grinds-to-a-halt-buenos.md) | -1.8% | -7.4% |
| SBM | 2020-03-03 | [President Fernandez tries to slay Argentina’s inflation dragon \| Business and Economy \| Al Jazeera](https://feedsoft.ai/events/54375-president-fernandez-tries-to-slay-argentina-s-inflation-dragon-business-and.md) | -1.9% | +7.7% |
| SBM | 2019-08-27 | [Brazil central bank to continue FX intervention on Wednesday as real nears record low - The Business Times](https://feedsoft.ai/events/57788-brazil-central-bank-to-continue-fx-intervention-on-wednesday-as-real-nears.md) | -1.7% | +0.8% |
| SBM | 2020-11-26 | [Brazilian Real is the most undervalued EM currency - IIF - Forex Crunch](https://feedsoft.ai/events/50343-brazilian-real-is-the-most-undervalued-em-currency-iif-forex-crunch.md) | -1.0% | +5.0% |

## Sources

- thejakartapost.com: https://www.thejakartapost.com/news/2020/03/21/rupiah-at-1998-crisis-level-pressures-reserves-foreign-denominated-debt

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.