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Rupiah Stability Comes with a Hot-Money Trap

The rupiah's recovery masks a growing reliance on hot money. Bank Indonesia is buying stability today at the cost of greater vulnerability tomorrow.

  • Indonesian rupiah strengthened to Rp17,700 per US dollar
  • Current-account deficit reached US$12.5 billion in Q2 2026
  • Non-oil and gas trade surplus weakened to US$12.14 billion

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