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View all search resultsThe national currency temporary hit its lowest rate since the 1998 Asian Financial before inching back up to Rp 16,580 per dollar on Tuesday evening, the depreciating trend caused by investors jittery about the incoming US tariffs and geopolitical uncertainty, as well as domestic pressures.
The flurry of Trump's aggressive policies on trade and technology via tariffs is testing the bounds of mainstream monetary and fiscal theory, leading to the emergence of a new energy-powered model to replace the old Bretton Woods development model.
President Donald Trump on Thursday warned off BRICS member countries from replacing the US dollar as a reserve currency by repeating a 100 percent-tariffs threat he had made weeks after winning the November presidential elections.
"We require a commitment... that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty US Dollar or, they will face 100 percent Tariffs," Trump wrote on his Truth Social website, referring to the grouping that includes Brazil, Russia, India, China, South Africa and others.
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