Rupiah hits record closing low at Rp18,225 against US dollar
Bank Indonesia said it would maintain currency stabilisation efforts as the dollar strengthened and domestic political uncertainty drew investor attention.
Indonesia’s rupiah fell 0.47 per cent to finish at Rp18,225 per US dollar on 12 November 2026, its weakest closing level on record, according to Refinitiv data. It had ended the previous session at Rp18,140.
The currency started trading 0.22 per cent lower at Rp18,180 and reached Rp18,255 during the session. It recovered 30 points from that low before the close but still finished 45 points below its opening level.
At 15:00 Western Indonesian Time, the US dollar index, which tracks the currency against six major counterparts, stood at 103.014, up 0.10 per cent. That followed a 0.66 per cent rise in the previous session. CNBC Indonesia linked dollar demand to growing expectations of a Federal Reserve interest-rate increase in December, following higher-than-expected US inflation for October and support for tight monetary policy from several Fed officials.
Domestic politics also drew investor attention. CNBC Indonesia reported that Vice-President Gibran Rakabuming Raka submitted a resignation letter to the chairman of the People’s Consultative Assembly at 11:15 Western Indonesian Time on 12 November. Bank Danamon Indonesia lead economist Irman Faiz said the development could increase Indonesia’s risk premium, although he expected a relatively limited impact if policy commitments continued.
Irman said the market impact would depend on an orderly political process and policy continuity, with greater risks if uncertainty spread to coalition relations or social stability. He nevertheless identified changing expectations for Fed rates as the stronger pressure on the rupiah.
Bank Indonesia’s Erwin Gunawan Hutapea said the rupiah’s movements remained consistent with regional currencies, citing a monthly decline of 0.11 per cent. He said stabilisation measures included offshore non-deliverable forwards, domestic non-deliverable forwards and spot transactions, alongside government securities purchases in the secondary market.
