Market Update 11 Nov 2026

Previous Trading Session (10 November 2026)

• JCI (Jakarta Composite Index) gained 1.02%, closing at 5,125.73, compared to 5,073.77 at the close of 9 November 2026.
• Indonesian Rupiah (IDR) appreciated 0.14% to IDR 18,050 per USD, compared to IDR 18,075 per USD at the close of 9 November 2026.

Indonesia's financial markets closed on a positive note on Tuesday, with both the JCI and the Rupiah recording gains. The rally was supported by improving domestic consumer confidence and a weaker US Dollar, although investors remained cautious amid signs of slowing retail consumption and ongoing developments in China's economy. Looking ahead, the release of US inflation data remains a key focus, as it could influence market expectations regarding the Federal Reserve's interest rate policy.

The outcome of MSCI's review scheduled for 12 November 2026 could trigger volatility in Indonesian equities potentially affected by changes in index constituents. Nevertheless, the anticipated changes remain estimates and have not yet been officially confirmed by MSCI. Investors should closely monitor the final announcement and distinguish between changes in index classification or segment allocation and outright stock deletions from the MSCI indices.

Statements regarding Gibran's intention to resign as Vice President have added to political uncertainty. However, no official decision has been announced, and Gibran remains in office. Market participants will closely monitor further developments and any official clarification from the government, as political developments could influence investor sentiment and the stability of Indonesia's domestic financial markets.

Global Markets

Wall Street closed lower on Tuesday following the release of October US consumer inflation data, which came in above market expectations. The S&P 500 declined 0.38% to 7,520.93, the Nasdaq Composite fell 0.74% to 25,065.87, and the Dow Jones Industrial Average slipped 0.30% to 52,231.89. Technology stocks were particularly under pressure, with Nvidia falling more than 5%, amid growing investor concerns over the prospect of US interest rates remaining higher for longer.

The US Dollar Index (DXY) strengthened 0.52% to 102.20, supported by rising market expectations of a more hawkish Federal Reserve policy following October inflation figures that exceeded forecasts. Hawkish remarks from several Fed officials, including support for at least two additional 25-basis-point (bps) rate hikes, further bolstered the US Dollar. Markets are now pricing in a 90.9% probability of a 25-bps rate hike at the next policy meeting, with further potential increases in January and April 2027.

Crude oil prices edged lower, with West Texas Intermediate (WTI) declining 0.16% to USD 86.27 per barrel, while Brent crude fell 0.52% to USD 91.88 per barrel, approaching their lowest levels in 11 weeks. The decline was driven by optimism over easing US-Iran tensions after President Trump signalled the possibility of halting military strikes, while oil shipments from the Middle East began recovering towards pre-war levels. Nevertheless, uncertainty persists amid the absence of a diplomatic agreement and the risk of further disruptions in the Strait of Hormuz.

The United States released its October inflation data. Headline inflation eased to 0.4% month-on-month (MoM), from 0.6% previously, but remained above the market consensus of 0.3%. Meanwhile, core inflation remained unchanged at 0.3% MoM, also exceeding market expectations of 0.2%. Annual inflation data were not published due to disruptions in data collection during the government shutdown. Overall, higher-than-expected monthly inflation indicates persistent price pressures, potentially supporting further US Dollar strength and putting downward pressure on the Rupiah.

China's trade surplus narrowed to USD 105.28 billion in October 2026, compared with USD 133.53 billion in the previous period. Exports grew by 35.2% year-on-year (YoY), while imports recorded stronger growth of 41.6% YoY. This reflects resilient domestic demand alongside robust global demand for technology products and AI infrastructure-related equipment.

USD/IDR Exchange Rate Outlook

Expected USD/IDR trading range today:

IDR 18,050 – IDR 18,150 per USD

Indonesia – Key Economic Indicators

Sources: CNBC Indonesia, Trading Economics, Bank Indonesia, Reuters.

Foreign Exchange Rates

Foreign Currencies Available for Transactions

J Trust Bank – Bank Notes (BN) and Telegraphic Transfers (TT)

J Trust Bank provides foreign exchange services in the following currencies:

1. US Dollar (USD)
2. Singapore Dollar (SGD)
3. Japanese Yen (JPY)
4. Euro (EUR)
5. Australian Dollar (AUD)
6. British Pound Sterling (GBP)
7. Chinese Yuan (CNY)
8. New Zealand Dollar (NZD)
9. Hong Kong Dollar (HKD)
10. South Korean Won (KRW)

Foreign Exchange Transaction Requirements (Against IDR)

• Transactions at or below the applicable threshold (≤ threshold): Customers are only required to submit an Under-Threshold Declaration Letter and a copy of their valid identification document.
• Transactions exceeding the applicable threshold (> threshold): Customers are required to submit an Above-Threshold Declaration Letter, supporting underlying transaction documents, a copy of their Tax Identification Number (NPWP), and a copy of their valid identification document.

Contact J Trust Bank Indonesia – Treasury Sales

Telephone: (021) 2926-1114 (Hunting)

• Bintang: 0812 2650 949
• Hanif: 0811 8762 001
• Naomi: 0877 0633 1585
• Ade: 0821 6939 7410

Disclaimer

Although the information contained herein has been compiled by PT Bank JTrust Indonesia Tbk (J Trust Bank) from sources believed to be reliable, J Trust Bank makes no representation or warranty, express or implied, as to the accuracy or completeness of such information and accepts no liability for any errors or omissions. Accordingly, the information provided herein does not constitute any guarantee of future performance and should not be relied upon as such. All information contained in this publication is subject to change without prior notice. No part of this publication may be reproduced in any form or by any means without the prior written consent of J Trust Bank.