The new hope was short-lived. Last week, after the Democrats won the elections and took over the majority seats of the United States Congress, many celebrated upon seeing the rupiah rise sharply. The hopes were high for a continued strengthening.

In only three days, the rupiah appreciated by nearly five percent, from Rp15,200 to around Rp14,500 per US dollar. Unfortunately, prospects of further appreciation were dashed last week. Since last Frid