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Indonesian Rupiah Drops due to Contested Elections Result

July 22, 2014 at 16:57 by Vladimir Vyun

Three rows of 5,000, 50,000 and 100,000 Indonesian rupiah notesThe Indonesian rupiah dropped today as the result of this month’s presidential election was contested by one of the candidates, who said that the voting was undemocratic and unfair.

Prabowo Subianto, who lost the presidential election to Joko Widodo, contested the result. He said that the voting was nontransparent and violated many rules. The election’s outcome may remain unclear till August if an appeal will be filed to the Constitutional Court, and this should keep investors away from Indonesian assets.

USD/IDR fell from 11,572 to 11,640 as of 16:57 GMT today, reaching the low of 11,474 intraday.

If you have any questions, comments, or opinions regarding the Indonesian Rupiah, feel free to post them using the commentary form below.

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