The biggest pressures were actually felt in the first 12 days of August (as can be seen in the graph below), with rupiah weakness peaking at IDR 14,344 per US dollar, while the rupiah stabilized in the remainder of the month. The pressures that were felt in the first half of August primarily came from abroad with US President Donald Trump announcing a fresh ten percent tariff on another USD $300 billion of Chinese goods per September 2019, effectively ending the cease-fire that had been agreed upon by both sides at the G-20 summit in July 2019.

Read the full article in the August 2019 edition of our monthly research report. You can purchase the report by sending an email to or a WhatsApp message to the following number: +62(0)8788.410.6944