Glossary: rupiah (Rp)
DEFINITION:
Basic unit of currency. The exchange rate was fixed at Rp415 to US$1 from 1971 to 1978, when the rupiah was devalued to Rp625. Thereafter, the rate has floated slightly, although two major devaluations occurred in 1983 and 1986, bringing the exchange rate to Rp1,641 at the end of 1986. A policy of more gradual depreciation at about 5 percent per year has been followed through 1992. In November 1992, the exchange rate was valued at Rp1,881 per US$1, or Rp1 = US$.00018. The rupiah is made up of 5, 10, 25, 50, and 100 coins and 100, 500, 1,000, 5, 000, and 10,000 notes. UPDATE.