Little action was seen immediately, and by 17 June, the rupiah had bottomed out at Rp16,800 per dollar. On 25 June 1998, the fourth letter of intent was signed with the IMF, which was refusing to provide aid due to breaches of its original agreement. The IMF agreed to provide an immediate US$5 billion of aid to cover basic necessities. History of daily rates INR /IDR since Sunday, 19 June 2022.
The rupiah–dollar rate was at Rp2,436 to one dollar on 11 July. It fell to Rp2,663 by 14 August and Rp2,955 by 15 August – a 122% fall. Government debt (Bank Indonesia Certificates or SBI) rose from 12% to 30%, and overnight call rates reached 81% (per annum). The price of the certificates quickly reached 332% of face value by April 1958, i.e. Rp38, a rate at which the government chose to end the free market, fixing the price at 332% of face value. At this stage, the crisis was a limited one; while the currency had fallen, the extent of the fall did not appear catastrophic.
The rupiah finished the year at Rp7,900 to the US dollar. The worst day to change Indian rupees in Indonesian rupiahs was the Wednesday, 10 May 2023. We partner with leading data providers to bring you the latest and most accurate prices for all major currencies, cryptocurrencies and precious metals. The currency, cryptocurrency and precious metals prices displayed on our site are aggregated from millions of data points and pass through proprietary algorithms in order to deliver timely and accurate prices to our users. Withdrawing money in Bali from ATMs might be the best and most practical option since they are widely available throughout the island. ATMs in Bali mostly have English language settings and accept Cirrus, Maestro, Visa, Master, and other cards in western networks.
Indonesian Rupiah to Indian Rupee
On 8 October with the rupiah at Rp3,640 per dollar, the government decided to seek the support of the International Monetary Fund. During the month, the rupiah fluctuated in the Rp3,300–3,650 range. Sixteen small and insolvent banks, holding a market share of 2.5%, would be closed. Private banks would be subject to improved monitoring, and some state banks would be merged. Deposits would be underwritten up to Rp20 million (about US$5,500).
If you stop by their websites, you might also find that they have many branches and good reviews. Always count the money and put it into the envelope before leaving bali indonesia currency rate in india the cashier’s desk. Enter the amount to be converted in the box to the left of Indonesian Rupiah. Use “Swap currencies” to make Indian Rupee the default currency.
Compare INR-IDR exchange rates and fees before your next money transfer
Despite the high inflation of the period, the exchange rate, which had essentially been preserved using the country’s oil exports, was maintained at Rp415 until 15 November 1978. The INR and IDR can be traded 24×5 starting from the time markets open on Monday mornings in Sydney all the way to the time markets close on Fridays at 5 pm in New York. Exchange rates can fluctuate by the minute while markets are open. However, the time between 3-4 PM GMT is often a good time to convert Indian Rupees to Indonesian Rupiahs because currency market liquidity and trading volume tend to be the highest during this time. Also, it’s best to convert Indian Rupees to Indonesian Rupiahs early in the week if you need Indonesian Rupiahs urgently.
Despite the improvements, political instability quickly increased. In the period from October 1946 to March 1950, Indonesian currency had no international recognition. The rupiah has been subject to high inflation for most of its existence (which as an internationally recognised currency should be dated to 1950).
Wise gives you the real, mid-market, exchange rate, so you can make huge savings on your international money transfers. The rupiah, which had strengthened to around Rp8,000, depreciated in the wake of the Jakarta riots of May 1998, and in particular the run on the Bank Central Asia, Indonesia’s largest private bank, that ensued, causing the bank to be taken over by IBRA on 29 May. The SBI rate was increased to 70% in the wake of massive inflation. After this announcement, the rupiah immediately gained almost 10%, to around Rp3,300 per dollar.
Large amounts of Rupees are expressed in lakh rupees or crore rupees. A Lakh Rupee is one hundred thousand rupees and a crore rupee is ten million rupees. If you are interested in knowing more information about INR ( Indian Rupee ) or IDR ( Indonesian Rupiah ) such as the types of coins or banknotes, the user countries or the history of the currency, we recommend you to consult the related Wikipedia pages.
INR to IDR History Rates by Year
The rupiah (Rp) is the official currency of Indonesia and is subdivided into 100 sen. The name derives from the Indian monetary unit rupee which is called as rupiya in Indian languages. Informally, Indonesians also use the word “perak” in referring to rupiah. Inflation has now rendered all coins and banknotes denominated in sen obsolete. For a 7 nights stay in Indonesia, expect to spend a minimum of around 1 crore Indonesian Rupiah!
See, the Indonesian Rupiah is a very much devalued currency and even if you go out to have a simple meal, you will have to shell out at least IDR.
The government announced its response in September, calling for the restructuring of the banking sector, cancellation of government projects, and supporting some banks with their own liquidity. The SBI rate was reduced three times in September to around 20%. As of 24 September, the exchange rate still lingered at Rp. At this time, the 1980s oil glut put the Indonesian economy under pressure, with exports uncompetitive as a result of the overvalued currency, and oil contributing less as a result of lower global prices. On 1 June 1983, ‘Pakjun 1983’ brought deregulation of the banking system, and the end of the meaningless 6% official deposit rate, with a more market-based financial system. Interest rates, initially 18%, remained above 15% over the period.
To view rates between the Indian Rupee and the Indonesian Rupiah for a particular year, click on one of the links below. Credit cards are widely accepted in restaurants, hotels, and shops. You may find that some smaller businesses only accept cash, but this is not always the case. As a traveler, it is always a good idea to have cash on hand in case you need it.
You’ll now see the value of the converted currency according to the most recent exchange rate. Despite the fall of the currency of about 70% from June 1997 to December 1998, inflation of 60–70% in 1998 (which caused riots and the end of the Suharto regime after 30 years in power) meant that the real exchange rate fell only slightly. On 15 January, the second letter of intent was signed with the IMF, agreeing an accelerated reform package in return for US$43 billion of aid. The rupiah had strengthened from an all-time low of Rp9,100 per dollar on 23 January to Rp.
- After this announcement, the rupiah immediately gained almost 10%, to around Rp3,300 per dollar.
- Further audits showed that the other banks were also fundamentally weak.
- This abbreviation is usually put before the amount, e.g., Rp.10.000,- (ten thousand Rupiah).
- Other major money-changers can be easily found in the city or any touristy destinations around Bali.
- We’ll send you the exchange rate, best deal, and other helpful tips.
The government responded by devaluing the currency on 30 March by 28% to Rp970. Despite the liberalisation efforts, Indonesia still had multiple exchange rates. A more realistic exchange rate was finally established of 378 (new) rupiah to US$1 as of April 1970. In August 1971, the exchange rate was devalued slightly, to Rp415 to US$1. Further foreign-exchange restrictions were introduced over 1953–1954, with April 1953, the foreign-exchange downpayment was increased to 75%, except for raw materials at 50%. Foreign companies and their workers were placed under restrictions as to the amount of foreign exchange that could be sent home, with the amounts allowed out subject to fees of 66+2⁄3%.
However, as it became clear Suharto had no intention of fulfilling the agreement, the rupiah plummeted by more than 50%, bottoming out at Rp14,800 per dollar on 23 January. By now, the government had issued more than Rp60 trillion, causing money supply increases and worsening inflation. Thus, in the period from 1978 to 1986, the real exchange rate of the Indonesian rupiah fell by more than 50%, providing significant boosts to the competitiveness of Indonesia’s exports. By 1978, the combination of a fall in oil prices and a decrease in foreign reserves meant that the rupiah was devalued 33% to Rp. 625 to US$1 on 16 November 1978 (although prices had increased nearly fourfold over the period).
Various attempts have been made to maintain the value of the currency, but all were abandoned. Therefore try to withdraw money from the ATMs inside the bank, which usually have a security guard for 24h. Besides, always check whether the card slot is tightly installed and cover your hands as you type in your PIN into the ATMs – no matter where you are. Keep around 1000 USD with you and convert 50 or 100 USD at a time whenever required. In present-day Indonesia, when mentioning an amount of money in everyday life, the currency name is rarely used, and instead replaced by the words “thousand”, “million”, and “billion”.