Dollar Rises Against Rupiah to Near 18,140 as Indonesia Grows 5.47% in Third Quarter
Key Facts
The dollar/Indonesian rupiah pair rose to near 18,140 rupiah during Asian trading hours on Wednesday, November 11, after recording limited losses the previous day, according to an FXStreet summary. The move came in the same session covered by reports on the currency, while the source summary alone does not establish that political developments caused the dollar’s rise. The pair closed at 18,012.00006 rupiah per dollar on November 10, according to EL7 data, putting the approximate level cited for the Asian session above the previous day’s close. Against the economic backdrop, third-quarter data showed stronger year-on-year growth than in the previous quarter and above the average forecast in a Reuters poll. The divergence points to an economy that continues to expand while the currency moved in the opposite direction during the news session.
Bank Indonesia said gross domestic product grew 5.47% year on year in the third quarter of 2026, compared with growth of 5.29% in the second quarter, according to a Reuters report carried by MarketScreener. The result also exceeded the Reuters poll average of 5.18% for the same period. This means the pace of expansion accelerated from the previous quarter and came in above the expectations of the economists surveyed. However, the growth figures describe the economy’s performance over three months and, on their own, do not explain the rupiah’s movement in the November 11 session. Bank Indonesia’s target range for annual growth in 2026 remains 4.9% to 5.7%, according to the same report.
Household consumption, which accounts for about half of the Indonesian economy, was nearly unchanged between the two quarters, growing 5.04% year on year in the third quarter, compared with 5.06% in the second quarter, Reuters reported. This indicates that one of the largest components of domestic demand saw little change in its growth pace despite the rise in overall output. Meanwhile, growth in exports of goods and services accelerated to 4.59% from 4.13% in the previous quarter. Import growth, which is subtracted from GDP in its calculation, slowed to 7.31% from 8.82%. The figures reflect stronger export performance and slower imports during the quarter, but do not establish a direct link between them and the exchange rate during Wednesday’s session.
Government spending grew 8.95% year on year from July to September, slowing from nearly 16% in the second quarter, according to the report. The decline shows that the pace of government spending’s contribution was slower than in the previous period, while household consumption growth remained close to its earlier level. On the external side, an official at Statistics Indonesia attributed the improvement in the external balance to increased exports of palm oil products and a rise in the number of foreign tourists during July–September. The official said, "Increased exports of palm oil products and a rise in the number of foreign tourists from July to September helped improve the country’s external balance." These factors provide context for the quarter’s trade and external demand data, without constituting a documented explanation for the pair’s movement during the news session.
The economic activity figures came as the country experienced political and social developments in the preceding days. The Associated Press reported that the vice president offered to resign amid questions about his eligibility, saying he did not want the situation to turn into a prolonged political controversy. Reuters reported that hundreds of women protested in Jakarta on November 7 against the president’s policies and his handling of forest fires, the free meals program and a tax on feminine hygiene products. The Associated Press also reported that thousands of soldiers were deployed to secure a trial amid tensions linked to a wiretapping scandal and allegations involving senior police officials. These developments form part of the domestic political backdrop, but the available sources do not directly link them to the dollar’s rise against the rupiah in the November 11 session.
As for the economic outlook, Bank Indonesia targets growth of between 4.9% and 5.7% in 2026, Reuters reported. Third-quarter growth of 5.47% is within that range, after accelerating from 5.29% in the second quarter. Consumption, trade and government spending data offer details on the components of this performance, whose trends varied. The figures alone do not determine the next move in USD/IDR, and the available evidence does not specify a later data release or economic decision that can be identified as the next event. The session picture therefore remains confined to the pair trading near 18,140 during Asian hours, alongside quarterly growth that exceeded the Reuters poll forecast.