The Indonesian rupiah dropped to 14,488 IDR per USD on May 22 (Photo: AFP/VNA)

Jakarta (VNA) – The depreciation of the Indonesian rupiah against the US dollar on May 22 was blamed on the riots that followed after incumbent President Joko Widodo had been declared winner of the presidential election.

The rupiah dropped to 14,488 IDR per USD on May 22 from 14,462 IDR per USD on the previous day.

An analyst of Monex Investindo Futures said the political situation has brought great uncertainty, adding that the rupiah is expected to weaken further.

Executive Chairman of Sucorinvest Asset Management Jemmy Paul said investors felt uneasy over the impact of the announcement of the presidential election, and the security and political instability will cloud trading in the coming days and next week, he said.

Meanwhile, PT Garuda Berjangka’s President Director Ibrahim stressed that although the General Election Commission has now announced the winner of the presidential election, political tensions have not eased.

Security risks are still high, which causes concern for investors, Ibrahim said.–VNA