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Beware Diverging Movements in Stocks and the Rupiah

Monday, January 19, 2026

Stocks are partying while the rupiah is calling an emergency. When the correction arrives, it will be severe.

arsip tempo : 177340106174.

Illustration: Tempo/Gatot Pandego. tempo : 177340106174.

INDONESIA’s stock market is in celebratory mode. Share prices have continued to climb, repeatedly setting new all-time highs. Last Thursday, the Jakarta Composite Index briefly touched 9,100.8, its highest level on record. On the same day, however, the rupiah slid further, nearing Rp16,900 per United States dollar. That too was a record—though not a flattering one. It marked the weakest level of the rupiah against the US dollar in Ind

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Yopie Hidayat

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