Indonesian Rupiah mid-year outlook: Why is IDR near historic lows despite Bank Indonesia's 5.75% rate?

The Indonesian Rupiah (IDR) has faced persistent depreciation pressures against the US Dollar (USD) during the first half (H1) of 2026, with the USD/IDR pair stabilizing around the 18,100–18,200 range at the time of writing after reaching a record high at 18,247 on June 8, marking the Rupiah's weake