JCI Plummets 5 Per Cent, Rupiah Hits Rp 17,930 per US Dollar

The Indonesia Composite Index (JCI) fell by up to 5 per cent during the first trading session today, Wednesday, 3 June 2026. By 11:53 WIB, the JCI had collapsed 5.01 per cent to the level of 5,885.1, despite having opened in the green zone at 6,207.1 earlier in the morning.

David Kurniawan, Equity Analyst at PT Indo Premier Sekuritas (IPOT), stated that future market direction will be heavily influenced by exchange rate stability. “If the Rupiah can demonstrate stabilisation in the coming weeks, market sentiment has the potential to improve, creating space for the return of foreign capital inflows into both the stock and domestic bond markets,” he said in a press release on Tuesday, 2 June 2026.

David noted that although Bank Indonesia has raised interest rates to 5.25 per cent to dampen external pressures, the market will continue to monitor whether this policy is effective enough to curb Rupiah volatility and reduce capital outflow pressures. In addition to domestic factors, he mentioned that the direction of United States monetary policy will also be a key focus for the market this week.

At the same time, by 11:25 WIB, the Rupiah exchange rate weakened to the level of Rp 17,930 per US Dollar. Ibrahim Assuaibi, Director of PT Traze Andalan Futures, stated that externally, the Rupiah’s weakness was influenced by stagnant negotiations between the US and Iran, which caused global crude oil prices to rise again.

Regarding internal factors, Ibrahim highlighted the high demand for US Dollars. “On the other hand, the public is currently continuously moving their funds from conventional savings to foreign currency savings,” he stated on Wednesday, 3 June 2026.

Ibrahim assessed that the government needs to maintain economic stability and public purchasing power. According to him, the government must ensure the availability of imported goods and provide stimulus to the community.