Jakarta, ThedailyID — The Indonesian rupiah weakened against the US dollar on Thursday, November 12, 2026, falling to Rp18,245 per dollar by 12:24 p.m. Jakarta time.
Market data showed the currency had dropped 96 points, or 0.53 percent, from the previous closing level. Earlier in the morning, the rupiah briefly touched Rp18,250 per dollar.
Bank Indonesia (BI) Monetary and Securities Asset Management Department Head Erwin Gunawan Hutapea said rising expectations of a US interest rate hike in December 2026 had put pressure on the rupiah. Those expectations strengthened after US inflation came in higher than forecast.
Consequently, the US dollar gained ground. The US Dollar Index (DXY) climbed to 102.96, its highest level since March 2025. Meanwhile, rising yields on US securities encouraged investors to withdraw funds from emerging markets.
“An appreciating US dollar and rising yields on US securities have also encouraged investors to withdraw funds from emerging market financial markets,” Erwin said in a written statement, according to CNNIndonesia, on Thursday, November 12.
Domestic factors also weighed on the rupiah. These included concerns about a possible downgrade of Indonesia’s stock market classification by Morgan Stanley Capital International (MSCI), domestic economic conditions, and increased foreign currency demand ahead of year-end.
However, BI said the rupiah’s overall movement remained broadly in line with regional currencies. The currency weakened 0.11 percent on a monthly basis. Indonesia’s foreign exchange reserves also remained stable at US$146.8 billion at the end of October 2026.
Erwin said BI continued to intervene in financial markets to maintain exchange rate stability in line with economic fundamentals.
The measures include interventions in offshore markets through Non-Deliverable Forward (NDF) transactions. BI also operates in domestic markets through Domestic Non-Deliverable Forward (DNDF) and spot transactions. In addition, the central bank purchases government bonds in the secondary market.
