Rupiah Weighed Down as Markets Focus on US Midterm Elections

Jakarta (ANTARA) – The rupiah weakened by four points, or 0.02 per cent, against the US dollar at the close of trading on Tuesday, to Rp18,160 per dollar from Rp18,156 at the previous close.

Currency analyst and PT Traze Andalan Futures director Ibrahim Assuabi said the rupiah’s movement was influenced by market attention turning to the US midterm elections on 3 November 2026.

“Markets are currently focused on the US midterm elections on 3 November,” he said in a written statement in Jakarta on Tuesday.

Anadolu reported that the US will hold midterm elections on 3 November 2026 to elect 35 senators and all 435 members of the House of Representatives, as well as legislators and governors in several states.

Market participants are also awaiting a packed schedule of US economic data for clues about the direction of Federal Reserve interest-rate policy. The JOLTS job openings data is due on Tuesday (3 November), followed by ADP employment change data and the ISM Services PMI on Wednesday (4 November), and the Nonfarm Payrolls (NFP) report on Friday (6 November).

Another factor affecting sentiment was a Wall Street Journal report that the US had attacked Iran’s Qeshm Island in an effort to prevent Iran from having greater freedom to target commercial vessels in the Strait of Hormuz.

On Monday (2 November), Trump expressed doubt over whether he would follow through on threats of military action against Iran, adding that an agreement with Tehran might be possible.

Communications between Iran and the US to end the war are meanwhile said to be continuing.

“These remarks came after a series of talks between Iran and Qatari mediators ended with a revised proposal, but without a significant breakthrough. Iranian President Masoud Pezeshkian said Supreme Leader Ayatollah Mojtaba Khamenei had given the government certain authority to hold peace talks,” Ibrahim said.

Bank Indonesia’s Jakarta Interbank Spot Dollar Rate (JISDOR), meanwhile, strengthened to Rp18,148 per US dollar on Tuesday from Rp18,161 previously.