Indonesia’s rupiah weakened past 18,100 per US dollar on Wednesday after Vice President Gibran Rakabuming Raka told President Prabowo Subianto he intends to resign, while hotter US inflation data lifted the dollar across Asia.
MoneyTurkey Currencies Desk | 11 November 2026
Key points
- The rupiah opened weaker, past 18,100 per US dollar, and later traded around 18,140.
- It had firmed on Tuesday, closing at 18,062 per US dollar.
- Gibran told Prabowo on Tuesday he intends to step down after court rulings voided his school equivalency certificate. He has not formally resigned and remains in office.
- The Jakarta Composite slipped back below Tuesday’s close of 5,125.7 after a brief early gain.
What happened
The rupiah opened weaker, past 18,100 per US dollar, on Wednesday, according to Ntvnews.id and Antara. It weakened further to about 18,140 during Asian hours, according to FXStreet and CNBC Indonesia. On Tuesday the currency closed at 18,062 per US dollar, according to Ntvnews.id and Antara, with Bank Indonesia’s Jisdor reference rate at 18,059, Kontan and Antara reported.
State Secretary Prasetyo Hadi said on Tuesday that Gibran expressed his intention to resign during a meeting of about two and a half hours with Prabowo, according to Antara, The Jakarta Post and AP. The government has not announced a formal resignation, and Hadi said Prabowo had not opposed the offer. Gibran also asked for a chance to defend his educational documents at the State Administrative Court.
The offer follows a Supreme Court ruling that declared the 2019 certificate recognising Gibran’s overseas schooling as equivalent to an Indonesian senior high school qualification null and void, and ordered the education ministry to revoke it, according to Kompas. Several parliamentary factions want to use the House’s right to express an opinion on the issue, which The Jakarta Post said could open the way to impeachment.
Stocks
The Jakarta Composite rose 1.02% to 5,125.7 on Tuesday, according to CNBC Indonesia, Kontan and J Trust Bank. It opened higher on Wednesday but turned lower within minutes, according to CNBC Indonesia and Mistar. Indonesia Stock Exchange president director Jeffrey Hendrik told reporters investors should keep watching fundamentals and invest in line with their own risk profiles, CNBC Indonesia reported.
The dollar side
US consumer prices rose 0.4% in October against a 0.3% forecast, and core prices rose 0.3% against 0.2% expected, according to FXStreet, Mistar and J Trust Bank. Markets now price about a 91% chance of a December Fed rate increase, according to FXStreet and J Trust Bank, citing CME data.
Lukman Leong, a currency analyst at Doo Financial Futures, told Ntvnews.id the rupiah could stay under pressure on hawkish Fed comments and the hot inflation data, and that investors were cautious before MSCI’s index review results.
Why it matters
Indonesia’s markets had shrugged off the news on Tuesday, when both stocks and the rupiah firmed. Wednesday’s slide shows traders now weighing a possible vacancy in the vice presidency, or an impeachment fight, at the same time as a stronger dollar.
What to watch
- Whether Prabowo formally accepts the resignation, and any challenge at the State Administrative Court
- Parliament’s next step on the right to express an opinion
- MSCI’s index review results on 12 November
- Any Bank Indonesia steps to steady the rupiah
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For information only. Not investment advice.
Sources
- Ntvnews.id: https://www.ntvnews.id/ekonomi/01125468/dolar-as-tembus-rp18100-rupiah-tertekan-isu-niat-gibran-mundur-dari-wapres
- FXStreet: https://www.fxstreet.com/news/indonesian-rupiah-weakens-amid-domestic-political-instability-stable-us-dollar-202611110505
- J Trust Bank market update: https://www.jtrustbank.co.id/id/market_update/market-update-11-nov-2026
- Kontan: https://insight.kontan.co.id/news/gibran-rencana-mundur-ihsg-rupiah-menguat-net-buy-cek-rekomendasi-saham-hari-ini
- Antara: https://en.antaranews.com/news/441583/palace-confirms-gibrans-intention-to-resign-from-vice-presidency
- The Jakarta Post: https://www.thejakartapost.com/indonesia/2026/11/11/gibran-offers-to-resign
- AP: https://apnews.com/article/indonesia-vice-president-raka-resignation-offer-0b09a430c2caaab413d32c09da3d0d54
- Kompas: https://go.kompas.com/read/2026/11/10/170435174/supreme-court-releases-complete-ruling-orders-ministry-to-revoke-gibrans
- CNBC Indonesia: https://www.cnbcindonesia.com/market/20261111101144-17-784147/wapres-gibran-rakabuming-mundur-bos-bei-wanti-wanti-ini-ke-investor
- Mistar: https://mistar.id/news/ekonomi/gibran-disebut-ajukan-pengunduran-diri-ihsg-dan-rupiah-tertekan
