Market Update 5 Nov 2026

Market Closing - Wednesday, 4 November 2026

• The Jakarta Composite Index (JCI) edged up to 4,919, compared to the previous day's closing level of 4,904.
• The Rupiah weakened to IDR 18,160 per USD, compared to the previous day's closing level of IDR 18,140 per USD.

Domestic

• The Rupiah weakened against the US Dollar due to several factors. The release of better-than-expected US employment data supported the strengthening of the US Dollar. Additional pressure came from domestic factors, including political uncertainty, which weighed on both the Rupiah and the JCI. The MSCI-related issue also heightened concerns over potential foreign capital outflows and foreign investor selling. Several nickel and mining stocks were further pressured by sentiment surrounding the proposed reduction in the 2027 Work Plan and Budget (RKAB) production quotas.
• Global inflationary pressures also contributed to the weakening of the Rupiah and the JCI. Geopolitical tensions and elevated oil prices, which reached USD 107 per barrel following reports of a US attack on Qeshm Island in Iran, heightened concerns over global inflation. Rising oil prices, global inflationary pressures, MSCI-related concerns, potential foreign capital outflows, and domestic political uncertainty continued to weigh on the Rupiah against the US Dollar.

Global

• US President Donald Trump stated that he had no immediate plans to launch an attack on Iran following the midterm elections, in which the Democratic Party secured control of Congress. Trump said that the US remained prepared for a potential escalation with Iran if necessary, adding, "We are fully prepared if we have to act, but there may be no reason to do so."
• The European Central Bank (ECB) decided to maintain its benchmark interest rate at 2.5%, in line with market expectations. However, Christine Lagarde revealed that policymakers had discussed the possibility of an interest rate hike. The ECB assessed that an increase in energy-related shocks, both in magnitude and duration, could push inflation higher while simultaneously slowing economic growth. This presents a challenge for the ECB in maintaining price stability without undermining economic activity across the Eurozone.
• The Democratic Party's dominance in the Senate is preventing the White House from confirming government-aligned nominees to serve on the Federal Reserve Board of Governors. This removes a direct instrument through which the administration could exert greater influence over the US central bank. Under Democratic control, Massachusetts Senator Elizabeth Warren is likely to become Chair of the Senate Banking Committee. This situation could provide the Federal Reserve with greater policy independence to combat inflation through higher interest rates, as the President's leverage over Congress and the Federal Reserve is now more limited.

Rupiah Exchange Rate Outlook

Based on the above developments, the Rupiah is expected to trade within the range of IDR 18,120 - 18,220 per USD today, amid ongoing developments in global geopolitical conditions.

NDF Rate as of 08:30 WIB: 18,125 - 18,135

Indonesia Economic Indicators

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

Closing Exchange Rates - 4 November 2026

J Trust Bank - Bank Notes (BN) & Telegraphic Transfers (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 Rupiah*

• Transactions up to the applicable threshold: Customers are required to submit a Statement Letter for transactions up to the applicable threshold, along with a copy of their identification document.
• Transactions exceeding the applicable threshold: Customers are required to submit a Statement 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

Telephone: (021) 2926-1114 (hunting)

• 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) based on sources considered reliable, 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 as such. 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 consent of J Trust Bank.