Rupiah Weakens sharply and JCI Falls in the Middle of Market Pressure

JAKARTA - The rupiah exchange rate and the Composite Stock Price Index (JCI) were both under pressure on Monday, May 18.

Meanwhile, the rupiah exchange rate against the United States dollar (USD) weakened sharply again to touch the lowest level in history in the spot market, while the JCI became the stock index with the deepest correction in the Asian region.

Citing Bloomberg, Monday, May 18 at 12.12 WIB, the rupiah was at Rp17,676 per US dollar or down 0.45 percent compared to the previous trading.

This weakening makes the rupiah further away from its psychological level and set an all-time low record intraday.

At the same time, the domestic stock market also experienced great pressure, namely Based on RTI trading data until the closing of the I trading session, the JCI fell 3.76 percent to 6,470.34 and even fell more than 4 percent to 6,398.78.

This correction makes the JCI the index with the worst performance in Asia today.

For comparison, the Singapore Straits Times Index (STI) weakened 0.53 percent to 4,962.66 and Japan's Nikkei 225 Index (N225) fell 0.68 percent to 60,968.04.

Meanwhile, in China, the Hang Seng Index corrected 1.17 percent to 25,661.05 and the Shanghai Composite Index (SSEC) fell 0.19 percent to 4,127.37.