January 28, 2026 | 05:26 pm
TEMPO.CO, Jakarta - Director of PT Traze Andalan Futures, Ibrahim Assuaibi, stated that the rupiah exchange rate against the U.S. dollar at the close of trading on Wednesday afternoon, January 28, 2026, stood at Rp16,722 per U.S. dollar. This reflects an increase of 36 points from yesterday's closing rate of Rp16,758 per dollar. "For tomorrow's trading, the rupiah is expected to fluctuate but close in the range of Rp16,670 - 16,730," he said in a written statement on Wednesday, January 28, 2026.
According to Ibrahim's analysis, the market responded positively to Finance Minister Purbaya Yudhi Sadewa's policy that the 2025 stimulus will continue in 2026. The stimulus includes a final 0.5 percent Income Tax (PPh) for Micro, Small, and Medium Enterprises (MSMEs) until 2029, the government's coverage of PPh 21 for workers in the tourism sector, as well as the PPh 21 coverage for workers in labor-intensive industries, and a discount on Accident Insurance Premiums (JKK) and Death Insurance for Non-Wage Recipients.
Additionally, the government bond market (SBN) showed improved performance, with the 10-year SBN yield decreasing to 6.41 percent. Ibrahim sees this as a significant decrease compared to the end of 2024, when it was above 7 percent. "This reflects the high level of investor confidence in Indonesia's fiscal governance," he said.
Ibrahim also sees the role of the State Revenue and Expenditure Budget (APBN) as a strategic shock absorber. Throughout 2025, the state expenditure reached Rp3,451.4 trillion (95.3 percent of the APBN), while state revenue stood at Rp2,756.3 trillion (91.7 percent of the APBN).
However, the budget deficit by the end of 2025 reached Rp695.1 trillion or 2.92 percent of the Gross Domestic Product (GDP). These funds were allocated for national development programs that directly impact the community.
The state expenditure realization includes the implementation of national development programs such as Free Nutritious Meals (MBG), the development of Village Cooperative Programs (KUD), and the stimulus packages 1 to 4 throughout 2025, aimed at maintaining the purchasing power of the public and the business world.
The United States' imposition of tariffs has disrupted the market. The escalation of the trade war has spread to other countries, including South Korea, which has imposed a 25 percent tariff. "The threat by U.S. President Donald Trump to impose a 25 percent tariff on goods from Seoul has led to the weakening of the dollar exchange rate," said Ibrahim.
Furthermore, the focus of the market today is on the Federal Reserve's interest rate decision, which will be announced early Thursday at 02:00 AM WIB (Western Indonesia Time). The market predicts that the Federal Reserve will keep the interest rate at 3.50-3.75 percent.
In addition, Ibrahim mentioned that the tension between the United States and Iran has resurfaced following the presence of the aircraft carrier USS Abraham Lincoln and other warships in the Middle East region.
Read: Bank Indonesia Governor Predicts Rupiah Will Continue to Strengthen
Click here to get the latest news updates from Tempo on Google News
Top 10 Weakest Currencies in the World 2026
19 menit lalu
As of January 2026, the Lebanese pound is among the weakest currencies in the world, largely due to prolonged economic downturn and high inflation.
Bank Indonesia Governor Predicts Rupiah Will Continue to Strengthen
22 jam lalu
Bank Indonesia Governor Perry Warjiyo said the rupiah weakened due to foreign capital outflows amid heightened global market uncertainty.
Purbaya Attributes Rupiah Gain to More Than Thomas Djiwandono
1 hari lalu
The Rupiah closed 38 points higher at Rp16,782 per United States Dollar in yesterday's afternoon trading, January 26, 2026.
Bank Indonesia Records Rp5.96 Billion in Foreign Outflow
4 hari lalu
Bank Indonesia (BI) recorded a total of Rp5.96 trillion in foreign capital outflow from the domestic financial market this week.
Rupiah Weakened Before BI Deputy Nomination, Purbaya Says
5 hari lalu
Purbaya's statement also dismissed assumptions that the nomination of Thomas, President Prabowo's nephew, is a catalyst for Rupiah's decline.
DPR Lawmaker Hopes BI Keeps Rupiah at Moderate Level
6 hari lalu
The Indonesian House of Representatives (DPR) hopes that Bank Indonesia (BI) can maintain the rupiah exchange rate at a moderate level.
Bank Indonesia Governor Outlines Measures to Strengthen Rupiah
6 hari lalu
Bank Indonesia (BI) Governor Perry Warjiyo outlined the central bank's steps to strengthen the rupiah exchange rate.
Bank Indonesia Chief Explains Factors Behind Rupiah's Weakening
6 hari lalu
The rupiah weakened due to market perceptions of the nomination process for the Deputy Governor of Bank Indonesia.
Weakening Rupiah Not Expected to Impact 2026 Hajj Fees
7 hari lalu
The government claims that the fluctuation in the exchange rate has been anticipated from the beginning by the Hajj Fund Management Agency (BPKH).
Bank Indonesia Holds Interest Rate at 4.75% as Rupiah Tumbles
7 hari lalu
Bank Indonesia keeps the deposit facility interest rate at 3.75 percent and the lending facility interest rate at 5.50 percent.
