People can become “millionaires” in Indonesia with just $57 following a sharp depreciation of the Indonesian rupiah against the US dollar.

At current exchange rates, 1 US dollar equals approximately 17,000 to 17,300 Indonesian rupiah. This means $57 converts to around 1 million rupiah based on prevailing market levels.

The Indonesian rupiah has recently come under pressure due to global market conditions, including a stronger US dollar, higher interest rates in major economies, and capital movements from emerging markets.

Recent trading sessions showed the rupiah touching levels above 17,000 per dollar before stabilising after intervention by Bank Indonesia through market operations.

The exchange rate movement has led to viral online discussions highlighting the nominal conversion value of foreign currencies against the rupiah.