Market Update 13 Nov 2026

Previous Trading Session (12 November 2026):

• The Jakarta Composite Index (JCI/IHSG) strengthened by 2.66% to close at 5,250.90, compared with 5,115.04 at the previous session's close on 11 November 2026.
• The Indonesian Rupiah weakened by 0.47% to close at IDR 18,230 per USD, compared with IDR 18,145 per USD at the previous session's close on 11 November 2026.

Indonesia's financial markets closed mixed on Thursday, with the JCI posting gains while the Rupiah plunged to a record low. The JCI's upward momentum was primarily supported by buying interest in large-cap stocks, while the Rupiah remained under pressure from US Dollar strength, rising expectations of further Federal Reserve (Fed) interest rate hikes, and domestic political uncertainty. Investors continued to monitor the potential impact of changes in the Morgan Stanley Capital International (MSCI) index composition, as well as Bank Indonesia's foreign exchange market stabilization measures.

Gibran's resignation, which has been formally acknowledged by the People's Consultative Assembly (MPR), has entered the institutional deliberation stage, with a maximum 60-day deadline to fill the Vice Presidential vacancy with a permanent successor. Market participants will closely monitor the certainty of the succession process and the continuity of government policies, as these developments could influence perceptions of political risk, investor confidence, and capital flows into Indonesian financial assets.

Global

Wall Street closed lower on Thursday, led by the technology sector after Nvidia plunged more than 4% following the resignation of CEO Jensen Huang and the appointment of CFO Colette Kress as interim CEO. The S&P 500 declined 0.35% to 7,592.40, the Nasdaq Composite fell 0.39% to 25,366.09, while the Dow Jones Industrial Average dropped 0.36% to 52,297.09. The sell-off in Nvidia triggered a rotation of investment flows into competing technology and semiconductor stocks, including AMD and Broadcom, both of which gained more than 5%.

Crude oil prices advanced, with West Texas Intermediate (WTI) rising 2.87% to USD 88.76 per barrel and Brent crude increasing 3.56% to USD 95.77 per barrel. The rally followed President Trump's statement that the United States no longer needed an agreement with Iran, diminishing expectations of a diplomatic resolution to the conflict. The continued hardline positions of both countries regarding sanctions, the naval blockade, and Iran's nuclear programme have further heightened geopolitical uncertainty. Nevertheless, crude oil prices remain potentially on track for a second consecutive weekly decline amid the recovery of oil exports from the Middle East.

The Federal Reserve (Fed) has revised its October 2027 meeting agenda into a dedicated forum for discussions on monetary policy strategy, without an interest rate decision or an official policy statement. This initiative forms part of Fed Chair Kevin Warsh's reform agenda to streamline monetary policy communications, reduce excessive forward guidance to financial markets, and provide greater scope for discussions on long-term monetary policy strategy. Under the revised schedule, the Fed will hold seven policy decision meetings in 2027, with its final meeting brought forward from December to November.

The US Dollar Index (DXY) strengthened 0.31% to 103.19, its highest level since April 2025, supported by higher-than-expected October inflation data and hawkish remarks from several Fed officials regarding the possibility of further interest rate hikes. Markets are now pricing in an 85.5% probability of a rate hike in December, with the prospect of additional monetary tightening in January and April 2027.

The United States reported an increase in weekly initial jobless claims to 200,000, up from 191,000 previously. The rise in unemployment claims indicates a slight softening in the US labour market, potentially weighing on the US Dollar and providing support for the Indonesian Rupiah.

Tonight, the United States is scheduled to release its October 2026 Producer Price Index (PPI), which is projected to decline significantly to 0.4% from the previous reading of 1.3%. The anticipated moderation indicates that producer-level inflationary pressures are beginning to ease, potentially putting downward pressure on the US Dollar and supporting the Rupiah.

Sources: CNBC Indonesia, Refinitiv, Trading Economics, and Bank Indonesia Official Website.

• Non-Deliverable Forward (NDF) Rate (07:35 WIB): IDR 18,255 / 18,265 per USD
• USD/IDR Indicative Trading Range Today: IDR 18,200–18,300 per USD

Bank Indonesia – Key Monetary Indicators

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1. US Dollar (USD)
2. Singapore Dollar (SGD)
3. Japanese Yen (JPY)
4. Euro (EUR)
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• Transactions at or below the applicable threshold (≤ threshold): Customers are required to submit a Declaration Letter confirming that the transaction amount is below or equal to the applicable threshold, together with a copy of valid identification.
• Transactions exceeding the applicable threshold (> threshold): Customers are required to submit a Declaration Letter confirming that the transaction amount exceeds the applicable threshold, along with copies of the underlying transaction documents, Taxpayer Identification Number (NPWP), and valid identification.

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