Rupiah Faces Downside Pressure as Dollar Strengthens

Global Risk-Off Sentiment Drives Currency Movements

The Indonesian rupiah experienced a decline against the US dollar on Thursday, November 20, 2025, with the spot rate closing at Rp16,736 per USD, representing a 0.17% daily depreciation ¹

. The Jakarta Interbank Spot Dollar Rate (Jisdor) also weakened to Rp16,742 per USD ¹

Source 1

https://finance.detik.com/bursa-dan-valas/d-8219512/makin-mahal-dolar-as-pagi-ini-tembus-ke-level-rp-16-746

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The rupiah's movement was largely influenced by the strengthening US dollar index (DXY), which rose 0.07% to 100.300 ³

. This dollar strength is attributed to prevailing global risk-off sentiment, with investors seeking safe-haven assets amid economic uncertainty ¹

Source 1

https://finance.detik.com/bursa-dan-valas/d-8219512/makin-mahal-dolar-as-pagi-ini-tembus-ke-level-rp-16-746

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Market Expectations and Future Projections

Analysts from Doo Financial Futures warn that the rupiah's recent break below key levels may signal further downside potential. Lukman Leong, an analyst at Doo Financial Futures, noted that the Rp16,700 level is a critical psychological threshold for Bank Indonesia (BI) to monitor, with the next significant level being Rp17,000 ³

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The market is currently awaiting the release of delayed US Nonfarm Payrolls data for September, which is expected to impact currency valuations ¹

. The volatile environment is likely to persist as market participants await this critical economic indicator.

Regional Currency Dynamics

The US dollar's performance against other Asia-Pacific currencies was mixed. The dollar strengthened against several regional currencies, including the Taiwanese dollar (0.02%), South Korean won (0.08%), Philippine peso (0.29%), Chinese yuan (0.05%), and Malaysian ringgit (0.28%) ²

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