Indonesian Rupiah Performance in Early 2026

Currency Market Dynamics

The Indonesian rupiah began 2026 on a weak note against the US dollar, with trading values fluctuating around Rp16,700 per USD ²

⁴

Source 4

https://investasi.kontan.co.id/news/rupiah-spot-dibuka-melemah-di-level-rp-16702-per-dolar-as-jumat-21

. This depreciation occurred as the US dollar experienced its deepest decline in eight years during 2025 against most major currencies ¹

Source 1

https://internasional.kontan.co.id/news/dolar-as-lesu-di-awal-2026-usai-catat-penurunan-terdalam-dalam-delapan-tahun

.

Regional Currency Performance

The rupiah's performance was among the weakest in Asia, with the South Korean won showing similar weakness ³

. Most Asian currencies moved variably against the USD, with some like the Japanese yen and Singapore dollar showing slight gains ⁵

Source 5

https://finansial.bisnis.com/read/20260102/90/1941074/rupiah-dibuka-melemah-cek-kurs-dolar-as-di-bmri-bca-bri-dan-bni-hari-ini

.

Market Factors and Analyst Insights

Currency analyst Ibrahim Assuaibi noted that the market was shaken by the Federal Reserve's December meeting minutes, which revealed deep divisions among policymakers regarding interest rate directions for 2026. Despite a quarter-point rate cut, some officials expressed caution about further easing due to inflationary pressures and economic uncertainty ⁵

.

Bank Quotes and Market Rates

Major Indonesian banks maintained varying exchange rates for the USD. As of the morning, quotes ranged as follows ⁵

:

• Bank Mandiri (BMRI): Rp16,695 - Rp16,725 (special rate)
• Bank Central Asia (BBCA): Rp16,718 - Rp16,738 (e-rate)
• Bank Rakyat Indonesia (BBRI): Rp16,716 - Rp16,743 (e-rate)
• Bank Negara Indonesia (BBNI): Rp16,741 - Rp16,771 (special rate)

Market Outlook

Analysts predict the rupiah will remain under pressure, with forecasts suggesting a trading range of Rp16,680 - Rp16,710 per USD for the day ⁵

. The currency's movement will likely be influenced by global economic developments and domestic economic factors.