US Dollar Holds at Rp18,000 This Morning
Jakarta, CNBC Indonesia — The rupiah remained at the psychologically significant level of Rp18,000 per US dollar at the start of trading on Monday (19 October 2026). The Indonesian currency opened unchanged against the US dollar after coming under sharp pressure late last week.
Refinitiv data showed the rupiah opening at Rp18,000 per US dollar, unchanged from Friday’s close (16 October 2026), at the same level.
Meanwhile, the US dollar index (DXY), which measures the greenback’s strength against six major currencies, was relatively flat at 101.832 at 9am Western Indonesian Time (WIB).
The rupiah’s movement at the start of trading was still overshadowed by concerns about domestic financial market conditions, after the Jakarta Composite Index (JCI) plunged 11.32% last Friday.
The pressure followed MSCI’s announcement that it could change the classification of Indonesia’s stock market from Emerging Market to Standalone Market.
However, no final decision has been made on the change in status. MSCI is holding consultations with market participants until 30 April 2027, with a final decision due to be announced by 30 June 2027 at the latest.
The uncertainty has concerned investors because the reclassification could prompt portfolio adjustments and foreign fund outflows from the domestic stock market, adding to pressure on the rupiah.
Muhammad Rizal Taufikurrahman, head of macroeconomics at INDEF, said that although discussions about the future of Indonesia’s stock market at MSCI would continue until a final decision in June 2027, investors could reduce their exposure before then.
“Foreign share sales followed by dollar purchases could put pressure on the rupiah, while a worsening risk perception could spill over into government bonds (SBN) and raise financing costs,” Rizal told CNBC Indonesia on Friday (16 October 2026).
Rizal therefore stressed that Bank Indonesia intervention must be accompanied by transparency over share ownership, action against market manipulation and credible fiscal discipline.
Overseas, China’s economy showed signs of improvement, with growth picking up again in the third quarter of 2026.
Reuters reported that China’s gross domestic product (GDP) grew 4.5% year on year, exceeding market expectations of 4.4% and rising from 4.3% in the previous quarter.
Quarter on quarter, the economy grew 1.2%, above forecasts of 1.1% and the previous quarter’s growth of 0.9%.
The development is significant for Indonesia, as China is one of its main trading partners. Stronger economic growth could support demand for Indonesian exports and provide a positive sentiment boost for the rupiah.