The rupiah closed weaker against the US dollar in Thursday's (12/11/2026) session. The decline moved in line with several other Asian currencies that also fell.

The close and Asian currency moves

The rupiah closed 0.50% lower at Rp18,239 per US dollar. Elsewhere in the region, the Thai baht fell 0.13%, the Malaysian ringgit 0.22%, the Indian rupee 0.33% and the Philippine peso 0.68%.

By contrast, a few currencies strengthened: the Chinese yuan rose 0.07%, the Korean won 0.19% and the Japanese yen 0.05%.

The analyst's explanation: domestic politics

Ibrahim Assuaibi, director of Traze Andalan Futures, explained that the rupiah's weakness that day was tied to domestic politics. After Vice President Gibran Rakabuming Raka's resignation, investors were seen to be closely watching the constitutional process for the resignation and the candidate to fill the vice-presidential seat.

"Investors are still watching the constitutional process of the resignation, the selection of a successor Vice President, and the impact on the stability of the Prabowo government. Political certainty is an important factor in restoring investor confidence and keeping financial markets stable," he said on Thursday (12/11/2026).

The MSCI factor and cautious foreign investors

Beyond politics, the decision by global index provider MSCI Inc. to remove PT Barito Pacific Tbk. (BRPT) and several Indonesian stocks from its global indexes was described as a signal that Indonesia's capital market still faces problems of transparency, liquidity and governance. According to Ibrahim, that makes foreign investors increasingly careful about where they place their funds in Indonesia.

He said that if confidence is not restored quickly, Indonesia risks losing its appeal as an emerging market. The result could be reduced foreign capital inflows, adding pressure on both the IHSG and the rupiah.

Outlook for the rupiah

For Friday's trading, Ibrahim expects the rupiah to be volatile and to lean weaker in a range of Rp18,230–Rp18,300. "Meanwhile this week's trading range is Rp17,920–18,220. The November target is for the rupiah to weaken to Rp18,500," he said.

Sources

• Rupiah Hari Ini Ditutup Kian Melemah ke Rp18.239 per Dolar AS — Bisnis.com, 12 November 2026. https://market.bisnis.com/read/20261112/93/2020882/rupiah-hari-ini-ditutup-kian-melemah-ke-rp18239-per-dolar-as