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Indonesia's Rupiah at Rp18,184: How Index Status Became a Currency Problem
The rupiah closed at a record Rp18,184 per dollar on 28 October 2026, and the move now prices a governance review rather than a rate differential. MSCI's reclassification consultation converts index membership into a currency risk, while fuel costs above $115 a barrel push the adjustment through the subsidy line.
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