The rupiah weakened to a low of Rp18,250 per US dollar on Thursday, 12 November 2026, as reports circulated that Vice President Gibran Rakabuming Raka had resigned. Coordinating Minister for Economic Affairs Airlangga Hartarto addressed the move at the ministry’s office in Jakarta. He said political sentiment can affect the currency, even as the stock market was in positive territory the same day.
Airlangga said economics rests on two factors, fundamentals and sentiment. “Sentiment usually relates to shocks,” he said. “Capital market today is good, green and up, but we also know about the rupiah; various sentiment influences may be blowing.”
Government urges patience
Airlangga said the government would wait and see how events develop. “The dollar is not a one-day value but cumulative,” he said, urging observers not to judge the currency by a single session.
He said the government was pushing state firms and importers to use local-currency transactions. Pertamina and PLN are among the entities encouraged to do so. The minister also pointed to a renminbi clearing facility through Bank of China, which 12 domestic banks support.
Oil budget assumption
Airlangga said that as long as global oil is bought at US$92 to US$93 per barrel and the rupiah holds at current levels, the position is relatively safe until December.
He also said higher-for-longer interest rates make mixed currency management sensible. “This opportunity should be used because our underlying is strong,” he said.
Related: Rupiah hits record low of Rp18,175 per dollar · Rupiah slips to Rp18,105 as BI says it stays in market
