Increased global uncertainty, coupled with the deadlock in resolving the US-China trade war, has pressured the Indonesian Rupiah. Further exacerbated by Indonesia's worsening trade deficit, the Rupiah weakened to near Rp 14,500 per US dollar.
Despite depreciating against the US dollar, the Rupiah's weakening is not as severe as some other emerging market currencies. As of May 15, 2019, the Rupiah weakened by 0.49% to Rp 14,463 per US dollar year-to-date (YTD).
Several emerging market currencies appreciated against the US dollar. For example, the Russian Ruble strengthened by 7.53%, the Thai Baht rose by 2.98%, and the Philippine Peso appreciated by 0.44% against the US dollar. Meanwhile, the South Korean Won, Turkish Lira, and Argentine Peso weakened by 6.12%, 12.62%, and 16.22% respectively against the US dollar.