Rupiah Exchange Rate in the Spotlight: This is the US Dollar Price at Foreign Banks

The rupiah exchange rate strengthened against the US dollar on Wednesday (6/5/2026) trading. The Garuda currency strengthened by 0.03% to Rp17,405 per US dollar at 11:27 WIB.

Referring to Refinitiv data, the rupiah opened today’s trading in the green zone with an appreciation of 0.34% to Rp17,350/US.Thisstrengtheningoccurredaftertheprevioustradingsessionclosedwiththerupiahweakeningby0.26.

Meanwhile, the US dollar index or DXY, which measures the strength of the greenback against six major world currencies, was observed to be weakening. As of 09:00 WIB, the DXY fell 0.21% to 98.234.

Quoting exchange rate data from the official company website, Bank MUFG Jakarta Branch sells US$1 at Rp17,670 and offers to buy US dollars at Rp17,070 with a spread margin of Rp600.

Meanwhile, the British foreign bank, Bank HSBC Indonesia, sells dollars at Rp17,610 and buys at Rp17,160 with a spread margin of Rp450.

Bank DBS sells dollars at Rp17,569 and buys at Rp17,215 or a spread margin of Rp354. UOB is known to sell dollars at Rp17,618 and buy at Rp17,078 with a spread margin of Rp540.

Meanwhile, OCBC sells dollars at Rp17,508, buys at Rp17,230 with a spread margin of Rp278. JTrust sells at Rp17,475 and buys at Rp17,355 or with a spread margin of Rp120.

Rupiah Becomes President’s Focus

The rupiah’s weakening has become a focus for President Prabowo Subianto. In a limited meeting, ministers of the Red and White Cabinet and the Financial System Stability Committee (KSSK) at Merdeka Palace, Jakarta, on Tuesday (5/5/2026).

According to Coordinating Minister for the Economy Airlangga Hartarto, the President highlighted the dynamics of capital outflows occurring in the financial markets. Therefore, the government together with relevant authorities has reviewed the causal factors and prepared mitigation steps against this condition.

“And it was agreed earlier, reported to Mr President, an agreement of cooperation between BI and the Minister of Finance so that going forward this can be maintained regarding capital outflow,” said Airlangga, quoted on Wednesday (6/5/2026).

Bank Indonesia Governor Perry Warjiyo added that inflows to Indonesia’s financial markets have now begun to occur. However, compared year to date, the condition is still outflow.

“Meanwhile, stocks experienced outflow, so we agreed for now SRBI needs inflow, so that SRBI’s inflow can cover the outflow of SBN and stocks. That is our coordination with the Minister of Finance, so as to truly maintain the inflow from foreign portfolios which year to date is still inflow and that strengthens the rupiah exchange rate,” said Perry.

Therefore, BI has set seven steps that the central bank will take to suppress capital outflow while maintaining the rupiah.

First, BI continues to intervene in the foreign exchange market, both domestically through spot and domestic delivery transactions, and in overseas markets through non-delivery forward (NDF) instruments. Interventions are carried out in several global financial centres such as Hong Kong, Singapore, London, and New York.

“We will continue to carry out spot and domestic delivery interventions domestically and also non-delivery forward in overseas markets,” Perry emphasised.

Second, BI and the Ministry of Finance are encouraging foreign fund inflows through SRBI instruments to cover outflows from SBN and the stock market. Third, Perry revealed BI’s commitment to continue purchasing SBN in the secondary market to maintain bond market stability. To date, BI’s SBN purchases have reached Rp123.1 trillion year to date.

Fourth, Perry continued, BI will maintain banking and market liquidity to remain loose. According to BI, indications of loose liquidity are already reflected in double-digit primary money growth.

“We also with the Minister of Finance maintain liquidity in banking and markets more than sufficient, indicated by primary money growth that is always double digit. The latest primary money growth is 14.1%,” he said.

Next, Perry stated that BI will limit US dollar purchases in the domestic market without underlying from the previous US$100,000 to US$50,000 per person per month. This step is taken to maintain rupiah stability and curb speculators.

“So dollar purchases up to or above 25,000 must use underlying. That is what we will strengthen, this we will strengthen domestically,” said Perry.

Sixth, BI will continue to strengthen offshore market interventions through NDF by expanding the participation of domestic banks to conduct transactions in overseas markets.

“In addition to the interventions we continue to carry out, we also allow domestic banks to participate in selling offshore NDF abroad so that the supply is more, more abundant so that it will strengthen the stabilisation of the rupiah exchange rate,” he said.

Finally, BI will increase supervision of dollar buying activities by banks and corporations. Perry said supervision is carried out together with OJK to ensure financial system stability remains maintained.

“We send supervisors there, coordination with Ms Friderica Widyasari,” he said.

Finance Minister Purbaya added that the Ministry of Finance will issue debt securities denominated in Chinese yuan alias Panda Bond. This policy is taken to reduce dependence on the US dollar.

“So we are not too dependent on the dollar anymore. So our diversification will be even better going forward. So our prospects are good, no need to be afraid. Earlier Mr President also told me, ask to convey the message that my money is sufficient, lots of money. So you don’t need to be afraid,” Purbaya emphasised.

Regarding the capital market, Purbaya said Indonesia’s economic growth is experiencing acceleration. He assured that Indonesia can now reverse its economy.

Therefore, he added,