January 15, 2026 | 12:46 pm
TEMPO.CO, Jakarta - The Indonesian rupiah opened slightly stronger on Thursday, January 15, 2026, appreciating 14 points or 0.08 percent to Rp16,851 per US dollar, compared with Rp16,865 in the previous session.
Despite the modest gain, market sentiment remains cautious. Permata Bank Chief Economist Josua Pardede said investors are closely watching Bank Indonesia’s continued efforts to stabilize the currency.
“Investors remain cautious following Bank Indonesia’s statement that it will continue to intervene in the market to stabilize the rupiah,” Josua said, as quoted by Antara on Thursday. He projected the rupiah would trade in the range of Rp16,825 to Rp16,925 per US dollar.
Earlier, Bank Indonesia’s Department of Monetary Management and Securities head, Erwin G. Hutapea, reaffirmed the central bank’s commitment to maintaining exchange rate stability to support economic growth. He said the rupiah remains relatively stable due to consistent policy measures.
Bank Indonesia has been conducting stabilization efforts through non-deliverable forward (NDF) interventions in offshore markets across Asia, Europe, and the United States.
Domestically, the central bank has intervened through spot market operations, domestic non-deliverable forwards (DNDF), and purchases of government bonds in the secondary market.
The rupiah has also been supported by continued foreign capital inflows, particularly into Bank Indonesia Rupiah Securities (SRBI) and the stock market.
Net foreign inflows reached Rp11.11 trillion in January 2026. Investor confidence remains positive, reflected in Indonesia’s five-year credit default swap (CDS) risk premium, which stood at around 72 basis points.
Indonesia’s external position also remains strong. Foreign exchange reserves at the end of December 2025 reached US$156.5 billion, equivalent to 6.4 months of imports, providing a sufficient buffer against global financial market volatility.
Bank Indonesia reiterated that it will remain active in the market to ensure the rupiah moves in line with economic fundamentals and orderly market conditions.
Since the start of 2026, however, the rupiah has experienced heightened volatility and a general weakening trend. The currency has traded mostly between Rp16,700 and Rp16,800 per US dollar, with its weakest level recorded at Rp16,877 earlier this week.
Read: Indonesia's Gold Prices Continue Rising Since January 10
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