Market Update 30 Oct 2026

Market Closing - Thursday, 29 October 2026

• The Jakarta Composite Index (JCI/IHSG) weakened by 3.48% to close at 5,098, compared to the previous trading day's close of 5,282.
• The Indonesian Rupiah appreciated to IDR 18,130 per USD, compared to the previous trading day's closing level of IDR 18,180 per USD.

Domestic Market

The Indonesian Rupiah recorded a modest appreciation against the US Dollar following the US Federal Reserve's (The Fed) decision to maintain its benchmark interest rate within the 3.75% - 4.00% range, in line with market consensus expectations. However, persistently elevated US inflation has led market participants to anticipate a relatively high probability of a further Fed rate hike in December.

The JCI declined by 184 points, making it the weakest-performing equity index in Asia during yesterday's trading session, while regional markets generally advanced following the Fed's decision to hold interest rates steady. This divergence indicates that domestic market pressures outweighed external or global factors.

Ongoing geopolitical tensions in the Middle East, which have kept global oil prices elevated, remain a major source of pressure on the Rupiah and Indonesia's fiscal position. As a net importer of crude oil and petroleum products, Indonesia faces increased demand for US Dollars to finance energy imports, thereby putting additional pressure on the Rupiah.

Global Market

The Bank of Japan (BOJ) is widely expected to maintain its benchmark interest rate on Friday (30 October 2026), making its monetary policy statement the primary focus of market participants. Krishna Bhimavarapu of State Street Investment Management noted that inflationary pressures provide sufficient grounds for a hawkish policy stance. However, economic growth remains insufficiently robust to justify another rate hike. He cautioned that overly hawkish signals could accelerate market expectations of monetary policy normalization ahead of actual economic growth data and the government's more cautious assessment of economic conditions.

The European Central Bank (ECB) decided to maintain its benchmark interest rate at 2.50%, in line with market expectations. However, ECB President Christine Lagarde revealed that policymakers had discussed the possibility of an interest rate hike. The ECB considers that intensifying energy shocks, both in terms of magnitude and duration, could further accelerate inflation while simultaneously weighing on economic growth. This presents a policy dilemma for the ECB in maintaining price stability without undermining economic activity across the Eurozone.

European Central Bank (ECB) President Christine Lagarde announced her planned resignation, effective 7 February 2027. Her decision has triggered a succession contest to replace one of the most influential figures in global monetary policy. The leadership transition comes at a critical juncture, as the ECB faces inflationary pressures stemming from the war in Iran, geopolitical uncertainty, and volatility in bond markets. Meanwhile, European countries are increasing defense and infrastructure spending. These developments underscore the importance of ECB leadership capable of maintaining price stability, managing economic risks, and preserving market confidence.

USD/IDR Outlook for Today

Based on the aforementioned developments, the Indonesian Rupiah is expected to trade within the range of IDR 18,100 - 18,200 per USD today, amid ongoing developments in global geopolitical conditions.

NDF Rates as of 08:30 WIB

IDR 18,155 - 18,165 per USD

Indonesia Economic Indicators

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

Foreign Exchange Closing Rates - 29 October 2026

J Trust Bank - Bank Notes (BN) & Telegraphic Transfer (TT)

Available Foreign 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 the Indonesian Rupiah

• For foreign exchange transactions against the Rupiah with an amount equal to or below (≤) the applicable threshold, customers are only required to submit a Below-Threshold Declaration Letter and a copy of their identification document.
• For foreign exchange transactions against the Rupiah exceeding (>) the applicable threshold, customers are required to submit an Above-Threshold Declaration Letter, supporting underlying transaction documents, a Taxpayer Identification Number (NPWP), and a copy of their identification document.

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Disclaimer

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