Weak Rupiah killing Raffles Medical's Indonesian patients business

Currency weakness a big headache for Singapore medical tourism.

The weak Indonesian Rupiah is having a bad effect on Singapore's medial tourism and Raffles Medical Group is one of its casualties. In June last year, the Rupiah was around 7,000 but now it's hovering around 9,000. According to OCBC, Raffles Medical Group highlighted that it experienced slower growth in its Indonesian patients market, which was likely due to the weak SGD-IDR exchange rate and uncertainties caused by the upcoming presidential elections.

"Nevertheless, we believe this softness is transient in nature, and RMG will continue to focus on providing high quality curative healthcare services and enhancing its specialist offerings," said OCBC.