Indonesia's stock market experienced its steepest decline since 2011, marking a 'Black Tuesday.' Rumors of a credit rating downgrade and speculation about the Finance Minister's removal rattled the market significantly, causing the Jakarta Composite Index (JCI) to plunge more than 7% intraday. Trading was temporarily halted as a result, but the index recovered some losses in the afternoon, closing at 6,223.39, down 3.84% from the previous day. Foreign investors are withdrawing from the stock market due to concerns about Indonesia's economic slowdown and uncertainty over the new government's economic policies. The exchange rate has also surged sharply, with the rupiah hitting its lowest level against the dollar since the 1998 financial crisis.
