The Indonesian rupiah has fallen to 16,754 rupiah per US dollar in the non-deliverable forward (NDF) market as of Apr. 3, marking its lowest level in 27 years since the 1998 financial crisis.

Before the Ied holiday on Mar. 27, the rupiah had closed at 16,555 rupiah per US dollar, showing a slight gain of 0.12%.

The NDF market, which operates outside Indonesia, often influences exchange rates in the spot market.

The rupiah’s decline follows the US government’s announcement of tariffs of up to 32% on Indonesian exports. These tariffs are expected to reduce Indonesia’s export competitiveness and could lower demand.

Analysts warn that continued pressure may lead to a decline in Indonesia’s US dollar reserves, putting further strain on the rupiah.