Previous Trading Session – 2 October 2026
- IHSG closed 0.46% higher at 6,036.89.
- Indonesian Rupiah appreciated 0.40% to 17,868 per USD.
Both the Indonesian equity market, as represented by the IHSG, and the Rupiah strengthened in Friday’s trading session. The Rupiah’s appreciation appeared to be supported by a weaker US Dollar Index amid market participants’ anticipation of the latest US Non-Farm Payrolls (NFP) data.
Looking ahead, Bank Indonesia is scheduled to release Indonesia’s foreign exchange reserves for September 2026 on Wednesday at 10:00 AM. For reference, foreign exchange reserves in the previous period increased to USD 146.5 billion, from USD 145.3 billion. Strong foreign exchange reserves could reinforce investor confidence in Indonesia’s external resilience and support Rupiah stability.
On Thursday at 10:00 AM, Bank Indonesia is scheduled to release the Key Performance Indicator (IKK) for September 2026. The September IKK is expected to decline to 118.0, compared with 118.5 in the previous period. Despite the expected decline, an IKK reading above 100 would continue to indicate that consumers remain optimistic about the domestic economic outlook over the next six months.
In addition to domestic economic data, the Rupiah will remain sensitive to global market sentiment, particularly developments in Middle East tensions, which could affect global oil flows and energy prices, as well as market expectations regarding the Federal Reserve’s monetary policy trajectory.
Global
Wall Street equities closed higher in the previous trading session. The S&P 500 gained 0.70%, the Dow Jones Industrial Average rose 0.50%, while the Nasdaq Composite advanced 1.20%.
The gains in US equities were supported by weaker-than-expected labor market data, which reinforced expectations that the Federal Reserve may maintain its current policy rate at its October 2026 meeting.
The conflict in Yemen has increased risks surrounding the Bab el-Mandeb Strait and Red Sea trade routes, while OPEC+ continues to maintain its production quotas amid ongoing geopolitical tensions. West Texas Intermediate (WTI) edged down 0.04% to USD 91.07 per barrel, while Brent crude rose 0.41% to USD 102.66 per barrel, keeping energy supply risks and market volatility elevated.
Regarding economic data, the US Non-Farm Payrolls (NFP) for September declined sharply to 29K, from 133K previously, while the unemployment rate increased to 4.2%, from 4.1%. The weaker labor market conditions could weigh on the US Dollar.
Later today, the US Institute for Supply Management (ISM) Services Purchasing Managers’ Index (PMI) is scheduled for release, with market expectations pointing to an increase to 55.7, from 55.4 previously. The expected improvement would indicate continued resilience in the services sector and could provide support for the US Dollar.
Meanwhile, the US Trade Balance for August 2026 is scheduled for release on Tuesday, with the deficit expected to widen to USD -89.8 billion, from USD -88.6 billion previously.
Market participants will also closely monitor the release of the Federal Open Market Committee (FOMC) Minutes on Thursday for further clues regarding the Federal Reserve’s monetary policy outlook. A hawkish tone could provide support for the US Dollar and US Treasury (UST) yields, while significant divergence among FOMC members could reduce expectations for further rate increases.
Market Reference
NDF Morning Rate – 08:55 AM: 17,928–17,936
USD/IDR Indicative Range Today: 17,870–17,970
Bank Indonesia Monetary Indicators:
| BI-Rate | 5.75% | 23/09/2026 |
| CPI Inflation (YoY) | 3.19% | 31/08/2026 |
| Foreign Exchange Reserves | USD 146.508 billion | 31/08/2026 |
| USD/IDR Closing Rate | 17,868 | 02/10/2026 |
| JPY/IDR Closing Rate | 113.37 | 02/10/2026 |
| SGD/IDR Closing Rate | 13,974 | 02/10/2026 |
J Trust Bank – CCY BN & TT:
Currencies Available for Transactions:
| 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 | Korean Won (KRW) |
Foreign Exchange Transaction Requirements Against Rupiah:
- For foreign exchange transactions against Rupiah with a nominal amount at or below (≤) the applicable threshold, customers are required to provide a Below-Threshold Declaration Letter and a copy of valid identification.
- For foreign exchange transactions against Rupiah with a nominal amount above (>) the applicable threshold, customers are required to provide an Above-Threshold Declaration Letter, supporting underlying transaction documents, NPWP (Tax Identification Number), and a copy of valid 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 the information contained herein 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, express or implied, regarding the accuracy or completeness of the information and shall not be held responsible for any errors or omissions.
The information provided herein does not constitute a guarantee of future performance and should not be relied upon as such. All information contained 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.
Sources: CNBC Indonesia, Refinitiv, Trading Economics, and Bank Indonesia Website.
