Market Closing - Wednesday, 21 October 2026
- The Jakarta Composite Index (JCI/IHSG) closed higher at 5,328, compared with the previous day's closing level of 5,278.
- The Indonesian Rupiah closed weaker at IDR 18,005 per USD, compared with the previous day's closing level of IDR 17,985 per USD.
Domestic Market
Bank Indonesia (BI) kept its benchmark interest rate (BI Rate) unchanged at 5.75% following the BI Board of Governors Meeting (RDG) on 21 October 2026. This marks the third consecutive meeting at which BI has maintained its policy rate. The decision aims to safeguard Rupiah exchange rate stability amid significant external pressures, keep inflation within its target range, and sustain domestic economic growth momentum.
The pressure on the JCI and the Rupiah against the US Dollar has been partly driven by investors' cautious stance ahead of MSCI's assessment of Indonesia's equity market classification, specifically the potential reclassification from Emerging Market to Standalone Market, with a final decision expected no later than the end of June 2027. Risk-off sentiment has triggered foreign investor selling in Indonesian equities and portfolio instruments, while the deficit in the oil and gas trade balance has added further pressure on the JCI and the Rupiah.
Elevated oil prices and the conflict in the Middle East are weakening Indonesia's economic fundamentals, particularly its trade balance and fiscal position. Meanwhile, MSCI's assessment is affecting investor confidence and contributing to capital outflows from Indonesian markets. The Federal Reserve's hawkish stance is adding to global financial market pressures, which could further affect Indonesia's financial markets.
Global Markets
Iran reiterated that the United States must lift its maritime blockade and demonstrate a genuine commitment to resolving the conflict through diplomatic channels. The statement reflects Tehran's demand for Washington to take concrete steps to ease tensions and create opportunities for a peace agreement aimed at ending the war through diplomacy.
Reserve Bank of Australia (RBA) Deputy Governor Andrew Hauser stated that Australia's inflation outlook is now considered "much worse" than previously anticipated. His remarks have further strengthened market expectations of a potential fifth benchmark interest rate hike this year, which is expected to be decided in November 2026.
Russia stated that Gazprom and China National Petroleum Corporation (CNPC) could potentially reach a commercial agreement by the end of 2026 regarding gas supplies through the Power of Siberia pipeline. The agreement is considered strategically significant, as it could reshape global energy distribution patterns and trade flows while strengthening energy cooperation between Russia and China.
Rupiah Exchange Rate Outlook
Based on the above developments, the Rupiah is expected to trade within the range of IDR 17,970 - 18,070 per USD today, in line with developments in the global geopolitical landscape.
NDF Rate as of 08:30 WIB: IDR 18,065 - 18,075 per USD
Key Indonesian Economic Indicators
| Indicator | Latest Data |
| GDP Growth (Q2 2026) | 5.29% |
| BI Rate (September 2026) | 5.75% |
| Inflation (September 2026, YoY) | 3.28% |
| Foreign Exchange Reserves (September 2026) | USD 146.3 billion |
Sources: CNBC Indonesia, Trading Economics, Bank Indonesia, Reuters.
Closing Exchange Rates (21 October 2026)
| Currency Pair | Closing Rate | Date |
| USD/IDR | 18,005 | 21 October 2026 |
| JPY/IDR | 113.95 | 21 October 2026 |
| SGD/IDR | 14,090 | 21 October 2026 |
Foreign Currencies Available for Transactions
Bank Notes (BN) and Telegraphic Transfers (TT) - J Trust Bank
- US Dollar (USD)
- Singapore Dollar (SGD)
- Japanese Yen (JPY)
- Euro (EUR)
- Australian Dollar (AUD)
- British Pound Sterling (GBP)
- Chinese Yuan (CNY)
- New Zealand Dollar (NZD)
- Hong Kong Dollar (HKD)
- South Korean Won (KRW)
Foreign Exchange Transaction Requirements Against the Rupiah
- Transactions up to the applicable threshold: Customers are required to submit a declaration letter for transactions not exceeding the applicable threshold, along with a copy of their identification document.
- Transactions exceeding the applicable threshold: Customers are required to submit a declaration letter for transactions exceeding the applicable threshold, together with copies of the underlying transaction documents, Taxpayer Identification Number (NPWP), and identification document.
Contact Bank J Trust Indonesia Treasury Sales
Main Line: (021) 2926-1114
- Bintang: 0812 2650 949
- Naomi: 0877 0633 1585
- Hanif: 0811 8762 001
- Ade: 0821 6939 7410
Disclaimer
Although this information has been prepared by PT Bank JTrust Indonesia Tbk (J Trust Bank) from reliable sources, J Trust Bank makes no representation or warranty as to its accuracy or completeness and accepts no responsibility for any errors or omissions. Accordingly, the information contained herein does not constitute a guarantee of future performance and should not be relied upon excessively. All information disclosed herein is subject to change without prior notice. No part of this information may be reproduced in any form without the prior written permission of J Trust Bank.
