Indonesian Rupiah Hits Record Low Near Rp18,250 per US Dollar Amid Global and Domestic Pressures

SURABAYA | JATIMSATUNEWS.COM: The Indonesian rupiah faced heavy pressure against the US dollar during Thursday’s trading session (Nov. 12, 2026).

The local currency weakened past a new psychological threshold, trading around Rp18,240 to Rp18,250 per US dollar in the spot market and marking an all-time low.

At the market open earlier today, the rupiah started weaker at around Rp18,209 to Rp18,217 per dollar, down from the previous day’s close of Rp18,149.

Selling pressure persisted throughout the midday session, tracking a broader rally in the US Dollar Index (DXY) as it climbed toward the 103 level.

In the domestic banking sector, retail selling rates for the greenback also surged.

According to the official website of Bank Central Asia (BCA) at 1:11 p.m. WIB, the e-Rate stood at Rp18,248 (buy) and Rp18,268 (sell) per US dollar, while TT Counter and Bank Notes selling rates reached Rp18,290.

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Indonesian Rupiah Hits Record Low

Global and Domestic Catalysts

Today’s sharp depreciation was driven by a combination of external headwinds and domestic market sentiment.

Hawkish Fed Outlook: Market expectations surrounding the US Federal Reserve’s interest rate path heated up after US inflation data came in hotter than forecast.

Several Fed officials have signaled openness to a potential rate hike in December 2026, prompting global investors to seek refuge in safe-haven assets such as the US dollar and US Treasuries.

MSCI Index Review: On the domestic front, market participants reacted negatively to the periodic review by Morgan Stanley Capital International (MSCI), which removed eight Indonesian stocks from its index without adding any new constituents.

The move sparked concerns over potential foreign capital outflows from the local equity market.

Political Dynamics and Year-End Dollar Demand: Beyond equity market sentiment, investors remained cautious amid domestic political developments, compounded by rising corporate demand for foreign currency to meet year-end debt obligations and import payments.

Read also: The Fed Tahan Suku Bunga 3,50%-3,75%, Tiga Pejabat Desak Kenaikan, Apa Dampaknya bagi IHSG dan Rupiah?

Bank Indonesia Stabilization Measures

In response to heightened market volatility, Bank Indonesia (BI) reaffirmed its commitment to remaining actively present in the market to safeguard rupiah stability.

The central bank is conducting measured interventions across the spot market, Domestic Non-Deliverable Forward (DNDF) transactions, and purchases of Government Securities (SBN) in the secondary market to ensure adequate foreign exchange liquidity.***

Author: YAN