Rupiah closes at record low of Rp18,175 per US dollar
The currency fell 0.17% as investors awaited the Federal Reserve’s rate decision, surpassing its previous weakest close set on 8 June.
Indonesia’s rupiah reached its weakest closing level on record on 28 October 2026, ending at Rp18,175 per US dollar after a 0.17% decline, according to Refinitiv data. Its previous closing low was Rp18,170 per US dollar on 8 June 2026.
The currency opened at Rp18,152 per US dollar, down 0.04%, before losing another 23 points by the close. Meanwhile, the US dollar index rose 0.14% to 102.461 at 15:00 Western Indonesian Time.
The Federal Reserve’s interest-rate announcement was due at 01:00 Western Indonesian Time on 29 October 2026. Market expectations put the probability of rates remaining at 3.75%-4.00% at 91%, with investors looking for guidance on subsequent policy moves, including a possible December increase.
UOB Kay Hian economist Surya Wijaksana attributed pressure on the rupiah to high oil prices, weaker foreign investor sentiment following an MSCI announcement and rising US government bond yields. He expected Bank Indonesia to continue intervening to limit the currency’s decline, potentially stepping up activity in the spot market.
Mega Capital Sekuritas equity analyst Revo Gilang Firdaus forecast a range of Rp17,889-Rp18,280 per US dollar for the week and Rp17,724-Rp18,499 over the following month. He said prolonged uncertainty surrounding MSCI could trigger further capital outflows and sustain pressure on the rupiah.
