Closing: Monday, September 21, 2026
- The JCI closed lower at the 6,384 level, compared to the previous day's close of 6,441.
- The Rupiah closed weaker at the 17,830/USD level, compared to the previous day's close of 17,735.
Domestic
- The JCI fell 0.88% to the 6,384 level, with the infrastructure sector recording the steepest decline. This drop was driven by several factors, notably a "wait-and-see" approach among investors who are holding back and maintaining a conservative stance while awaiting signals regarding Bank Indonesia's benchmark interest rate.
- The rupiah recorded the largest depreciation against the US dollar in Asia at Monday's market close, driven by investor anxiety ahead of Bank Indonesia's interest rate decision next week. External factors contributing to the rupiah's weakness include escalating geopolitical tensions in the Middle East—which have kept global oil prices high at US$100 per barrel—as well as the strengthening US dollar (fueled by global uncertainty and a shift toward dollar-denominated safe-haven assets) and the Federal Reserve's interest rate hike policy.
- Newly appointed Finance Minister Suahasil Nazara reaffirmed his commitment to keeping the budget deficit below 3% of GDP by ensuring state spending remains efficient.
Global
- US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer held talks with Chinese Vice Premier He Lifeng in New York to formulate concrete outcomes for the anticipated summit between Chinese President Xi Jinping and US President Donald Trump. Ahead of the meeting, Washington has repeatedly criticized Beijing for allegedly allowing Chinese AI companies to absorb technology from American AI models. This situation has sparked concerns that US AI technologies and systems could be exploited to accelerate the development of China's own AI capabilities.
- European Central Bank (ECB) officials are preparing for further monetary tightening, signaling a potential interest rate hike as early as October to curb mounting inflationary pressures. Policymakers believe that interest rates still need to be raised. The ECB is currently the most aggressive central bank among G7 nations regarding interest rate hikes; this stance is reflected in the two rate increases implemented since the war involving Iran triggered a surge in energy prices.
Based on the information above, the Rupiah is expected to trade within the 17,800 to 17,900 range today, driven by global geopolitical developments.
Data sources: CNBC Indonesia, Refinitiv, Trading Economics; Bank Indonesia website.
NDF rate at 08:30 WIB: 17,895 – 17,905
Bank Indonesia Monetary Indicators:
| BI 7-Day RR | 5.75% | (August 2026) |
| CPI Inflation (yoy) | 3.19% | (August 2026) |
| Foreign Exchange Reserves | USD 146.5 billion | (August 2026) |
| Closing JPY/IDR | 113.49 | (21/09/2026) |
| Closing SGD/IDR | 14,009 | (21/09/2026) |
Supported currencies:
| 1 | Dollar AS (USD) |
| 2 | Dollar Singapore (SGD) |
| 3 | Yen Jepang (JPY) |
| 4 | Euro (EUR) |
| 5 | Dollar Australia (AUD) |
| 6 | Pound Sterling Inggris (GBP) |
| 7 | China Yuan (CNY) |
| 8 | Dollar New Zealand (NZD) |
| 9 | Dollar Hongkong (HKD) |
| 10 | Won Korea (KRW) |
Provisions for foreign exchange transactions against the Rupiah:
- For foreign exchange transactions against the Rupiah with a nominal value up to the specified threshold, it is sufficient to submit a Statement Letter for transactions within that limit and a copy of an identity document.
- For foreign exchange transactions against the Rupiah with a nominal value exceeding the specified threshold, it is mandatory to submit a Statement Letter for transactions above that limit, along with copies of the underlying document, Taxpayer Identification Number (NPWP), and an identity document.
Contact Treasury Sales team at PT Bank JTrust Indonesia Tbk:
(021) 2926-1114 (hunting)
- Bintang 0812 2650 949
- Naomi 0877 0633 1585
- Hanif 0811 8762 001
- Ade 0821 6939 7410
By: aqi
