IHSG Falls Sharply as Rupiah Nearly Touches Rp17,000 per US Dollar

Jakarta — The rupiah exchange rate and the Composite Stock Price Index (IHSG) fell sharply at the opening of trading on Monday (9 March 2026).

The rupiah weakened 69 points or 0.41 per cent to Rp16,994 per US dollar in the spot market. Meanwhile, the IHSG corrected 421.40 points or 5.56 per cent to 7,164.28.

Since the start of trading, the index moved immediately into negative territory. The IHSG opened at 7,374.31, which also marked the intraday high. However, substantial selling pressure caused the index to continue declining until touching a low of 7,163.48.

From a stock movement perspective, the majority of listed companies were in negative territory. Only 29 stocks advanced, whilst 658 stocks declined, and 39 stocks remained unchanged.

Regarding the rupiah’s movement, currency analyst at Doo Financial Future, Lukman Leong, stated that the rupiah exchange rate is expected to remain under pressure against the US dollar, as risk-off sentiment deteriorates in global financial markets.

This condition is driven by the surge in global crude oil prices, which have breached the psychological level of USD100 per barrel. This increase in energy prices has heightened investor concerns about the potential for global economic slowdown whilst simultaneously increasing inflationary pressures in various countries.

“The rupiah is expected to weaken against the US dollar due to deteriorating risk-off sentiment triggered by crude oil prices exceeding USD100 per barrel, which is feared will have a significant impact on global economics and inflation,” Lukman said when contacted by Kompas.com.

The shift in capital flows has put currencies of developing nations, including the rupiah, under pressure as global funds move out of risky assets towards safe-haven instruments.