Jakarta. The rupiah’s depreciation beyond Rp 17,500 against the US dollar has triggered a rise in foreign-exchange transactions at money changers across Jakarta, as people seek to convert funds for investment, savings, and overseas travel.
According to data from Investing.com on Thursday evening, the rupiah weakened by 80 points, or 0.45%, to Rp 17,526 per US dollar.
At VIP Money Changer Menteng in Central Jakarta a day earlier, transaction activity appeared significantly busier than usual, with customers arriving continuously to buy and exchange foreign currencies.
One customer, Fonda, said he was exchanging US dollars into rupiah after returning from work-related travel as a seafarer in the United States.
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“I just returned from Florida, San Francisco, and Taiwan, and from Taiwan I flew directly to Jakarta. Now I’m heading home to Lampung,” Fonda said.
He said the current exchange rate was favorable for converting his dollars into rupiah, with the proceeds intended for family needs and investments.
“This money will go toward family expenses and investments,” he added.
Fonda said his employer actually provides an automatic salary transfer system that converts earnings directly into rupiah, but he prefers exchanging dollars independently because the exchange-rate difference can be substantial.
“If you exchange even just $1,000, a Rp 300 difference per dollar is already significant,” he said.
Travel and Savings Demand
Despite benefiting from the stronger dollar, Fonda said he still hopes the rupiah remains stable because excessive depreciation ultimately hurts the broader public.
“Some people may be happy when the dollar rises, but it’s like one versus ten. One person benefits while ten others suffer. It’s better if the exchange rate stays stable — neither too high nor too weak,” he said.
Another customer, Stefani, said she was converting rupiah into US dollars ahead of overseas travel during the long holiday weekend.
“Yes, I’m exchanging rupiah into dollars because I’m traveling abroad during the long weekend,” she said.
According to Stefani, the weakening rupiah has encouraged some people to store their money in foreign currencies viewed as more stable and better able to preserve asset value against inflation pressures.
“People may think that instead of holding rupiah, which could weaken further, it’s better to convert their money into dollars or other more stable foreign currencies,” she said.
Still, she emphasized that her decision to exchange money was driven mainly by travel needs rather than currency speculation.
“No, it depends on travel plans. It’s really based on necessity,” she said.
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