The Indonesian rupiah strengthened against the US dollar at the close of this week’s trading session. However, on a weekly basis, the local currency still posted a depreciation.

 

On Friday (Nov 14, 2025), US$1 was equivalent to Rp 16,704 at the spot market close. The rupiah appreciated by 0.13% compared to the previous day.

 

Nevertheless, the rupiah still recorded a weekly decline of 0.15%. Alongside the Japanese yen, Indian rupee, and Thai baht, the rupiah is among the Asian currencies that continue to struggle against the strong US dollar.

 

Capital outflows appear to be the main driver behind the rupiah’s weakness. Bank Indonesia (BI) reported that between November 10–13, foreign investors booked a net sell of Rp 3.79 trillion.

 

This figure includes net sell in government bonds (SBN) totaling Rp 6.33 trillion and in Bank Indonesia Rupiah Securities (SRBI) amounting to Rp 1.39 trillion. Meanwhile, the stock market saw a net buy of Rp 3.92 trillion.

 

According to Bloomberg News, the government bond (SBN) market is still facing selling pressure. Throughout this year, foreign investors’ net buy in SBN has dwindled to only US$ 25 million.

 

Kunal Kundu, Chief Economist for India and Indonesia at Societe Generale SA, stated that investors remain concerned about fiscal policy prospects. The fiscal discipline that has long served as a foundation is seen as potentially being compromised by populist programs.

 

“If you look closely at the government’s programs, it is evident that public spending is increasing while economic growth remains weak,” Kundu emphasized, as reported by Bloomberg News.