According to Jin10, Indonesian rupiah fell to a record low of 18,204 per dollar on Thursday (November 12), down 0.3%, breaching the previous low of 18,190 set in early June. The depreciation was driven by a stronger U.S. dollar amid market expectations that the Federal Reserve will resume rate hikes next month. The move comes as MSCI in October proposed reclassifying Indonesia as a standalone market citing persistent investability concerns, spooking investors. Goldman Sachs estimated that such a reclassification would trigger outflows of approximately 5.6 billion dollars in passive funds. The rupiah has weakened over 8% against the dollar this year, making it Asia's worst-performing currency.

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