On March 17, 2026, Indonesia’s financial markets saw the rupiah close flat at Rp16,997/USD, the Jakarta Composite Index (IHSG) rebound above 7,100, and Bank Indonesia (BI) maintain its benchmark rate at 4.75%. BI also introduced new foreign exchange purchase limits to stabilize the currency amid global uncertainty.
1. Rupiah Stagnant at Rp16,997/USD
- The rupiah closed flat at Rp16,997/USD, after briefly strengthening by 25 points earlier in the session. Market sentiment was muted by geopolitical tensions in the Middle East and pre-holiday caution.
- BI’s March Board of Governors Meeting decided to hold the BI-Rate at 4.75%, citing the need to safeguard currency stability amid global oil price volatility and risks of a Strait of Hormuz closure.
2. IHSG Rises 1.20% to 7,106.8
- The Jakarta Composite Index (IHSG) closed at 7,106.84, up 1.20%, supported by gains in transport (+3.69%) and basic materials (+3.43%).
- Trading volume reached 30.99 billion shares across 1.56 million transactions, with turnover at Rp24.44 trillion, reflecting strong activity ahead of the Nyepi and Eid holidays.
3. BI Tightens FX Purchase Rules to Support Rupiah
- Bank Indonesia announced that starting April 1, 2026, the maximum limit for foreign currency purchases will be reduced from USD 100,000 to USD 50,000 per person per month.
- The measure is intended to reduce speculative pressure on the rupiah and strengthen FX market stability, complementing BI’s intervention policies.