Thursday, 1 October 2026 Closing
- The Jakarta Composite Index (IHSG) closed lower at 6,009, compared with the previous day's close of 6,071.
- The Indonesian Rupiah weakened to IDR 17,945 per USD, compared with the previous day's closing level of IDR 17,875 per USD.
Domestic
- The IHSG and Rupiah weakened amid rising U.S. Treasury (UST) yields, a stronger U.S. dollar, geopolitical uncertainty surrounding the conflict in the Middle East, which pushed crude oil prices higher, and expectations of a prolonged period of relatively high U.S. interest rates. These developments have increased the attractiveness of U.S. dollar-denominated assets, prompting global funds to flow back to the United States and contributing to foreign capital outflows from Indonesia. A day ahead of President Prabowo's cabinet reshuffle, foreign investors recorded approximately IDR 677 billion in net selling.
- President Prabowo undertook a cabinet reshuffle on 1 October 2026, marking the seventh cabinet reshuffle in less than two years of his administration. The reshuffle has prompted market uncertainty regarding the future direction of government policies and may contribute to a more risk-off sentiment among domestic investors, increasing demand for safe-haven assets.
- Bank Indonesia's intervention in the foreign exchange market helped mitigate further Rupiah depreciation against the U.S. dollar. Meanwhile, Indonesia's September 2026 inflation increased to 3.28% year-on-year (YoY) from 3.19% in August 2026, amid persistently elevated global uncertainty.
Global
- The sell-off in the U.S. Treasury market intensified after President Donald Trump rejected Iran's latest proposal to reopen the Strait of Hormuz. The rejection heightened concerns that the energy shock caused by the conflict could persist for longer. Selling pressure pushed U.S. Treasury yields higher across various maturities, with the 10-year UST yield reaching its highest level in 19 years, amid growing market expectations that the Federal Reserve may maintain a restrictive monetary policy to contain inflationary pressures. The sell-off has intensified over the past month, creating additional risks to the global economy. Higher Treasury yields could increase borrowing costs for businesses, consumers, and the U.S. government.
- The European Central Bank (ECB) is facing renewed pressure to raise interest rates after German inflation reached its highest level in nearly three years. German inflation rose 3.3% YoY in September, exceeding the market survey expectation of 3.1%. Higher energy prices were the primary factor behind the acceleration in inflation. The data followed higher-than-expected inflation readings in France, Italy, and Spain.
Based on the above developments, the Rupiah is expected to trade within the range of IDR 17,880–17,980 per USD today, in line with developments in global geopolitical conditions.
NDF Rate at 08:30 WIB: 17,950–17,960
Indonesia Economic Indicators:
| GDP Growth | 5.29% | Q2 2026 |
| BI Rate | 5.75% | September 2026 |
| Inflation (YoY) | 3.19% | August 2026 |
| Foreign Exchange Reserves | USD 146.5 billion | August 2026 |
| Closing USD/IDR | 17,945 | 1 October 2026 |
| Closing JPY/IDR | 113.63 | 1 October 2026 |
| Closing SGD/IDR | 14,043 | 1 October 2026 |
Data sources: CNBC Indonesia, Trading Economics, Bank Indonesia, and Reuters.
J Trust Bank – CCY BN & TT:
Available Currencies:
| 1 | U.S. 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 | Korean Won (KRW) |
Foreign Exchange Transaction Requirements Against Rupiah:
- For foreign exchange transactions against Rupiah with an amount up to the applicable threshold, customers are required to submit a Statement Letter and a copy of identification.
- For foreign exchange transactions against Rupiah with an amount above the applicable threshold, customers are required to submit a Statement Letter, copy of the underlying transaction documents, Taxpayer Identification Number (NPWP), and copy of identification.
Contact – J Trust Bank Treasury Sales:
(021) 2926-1114 (hunting)
- Bintang: 0812 2650 949
- Hanif: 0811 8762 001
- Naomi: 0877 0633 1585
- Ade: 0821 6939 7410
Disclaimer:
Although this information has been prepared by PT Bank JTrust Indonesia Tbk (J Trust Bank) based on sources believed to be reliable, J Trust Bank makes no representation or warranty as to its accuracy or completeness and assumes no responsibility for any errors or omissions.
The information contained herein does not constitute a guarantee of future performance and should not be relied upon as such. All information provided herein is subject to change without prior notice.
No part of this information may be reproduced in any form without the prior written consent of J Trust Bank.
