en.malanginspirasi.com – The Jakarta Composite Index (JCI) and the rupiah exchange rate strengthen in today’s trading, Tuesday, June 9th.
It is believed that it relates to the easing of speculation regarding a cabinet reshuffle, particularly the replacement of Finance Minister Purbaya Yudhi Sadewa.
The rupiah closed higher at Rp18,058 per US dollar on Tuesday, June 9, 2026.
The rupiah managed to recover and strengthen by 129.5 points, or 0.71 percent, after being depressed to Rp18,234 per US dollar.
Similarly, the Jakarta Composite Index (JCI) strengthened by 404.51 points or 7.57 percent to 5,746.65 at the close of trading today.
Aditya Hera Nurmoko, an economist at STIE YKP Yogyakarta, said the market responded positively after confirmation emerged that the rumors of a change in the Minister of Finance were false.
According to Aditya, reduced political uncertainty was one factor that helped improve investor sentiment.
Financial markets generally dislike uncertainty, especially regarding the direction of government economic policy.
“Rumors of a change in the Minister of Finance raised questions about the direction of the government’s fiscal policy. When the rumors were denied, some investors regained confidence that there would be no sudden changes in economic policy,” Aditya said on Tuesday as stated from Info Publik.
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He explained that investors are also paying attention to the continuity of economic policy. Coordination between the Ministry of Finance and Bank Indonesia is considered crucial in maintaining the stability of the rupiah and the bond market.
With no sudden changes in these strategic positions, the market sees the opportunity for more consistent economic policy implementation, thus boosting investor confidence.
In addition to these factors, market strengthening was also influenced by buying activity following the pressure experienced in the previous trading session.
The previous day, the Jakarta Composite Index (JCI) experienced a sharp decline, and the rupiah exchange rate also weakened against the US dollar.
When negative sentiment began to subside, some investors took advantage of the declining stock prices to buy on weakness.
This move subsequently helped drive a rebound in the JCI and strengthen the rupiah.
However, Aditya cautioned that the strengthening of the JCI and rupiah cannot be attributed solely to the easing of rumors of a cabinet reshuffle.
According to him, financial market movements are influenced by many factors, including foreign capital flows, interest rate policies, global economic conditions, sentiment towards the US dollar, and market participants’ expectations regarding government and Bank Indonesia policies.
“The easing of reshuffle rumors is likely a positive catalyst that reduces market panic. However, it is not the only factor determining the strengthening of the JCI and rupiah today,” he said.
Market Confidence Explained
Observers believe that sentiment regarding policy stability also supports market confidence.
Esther Sri Astuti, a lecturer at the Faculty of Economics and Business at Diponegoro University (Undip) in Semarang, stated that the strengthening of the JCI is inseparable from investors’ perceptions of the economic outlook and the stability of national fiscal policy.
“The main thing is, if large capital flows into Indonesia and the country has ample foreign exchange, the rupiah will not depreciate,” Esther said.
She explained that to attract capital inflows, Indonesia must meet several fundamental requirements considered by global investors.
First, legal certainty for doing business in Indonesia. Second, a good market economic outlook. Third, adequate availability of raw materials.
“Fourth, a supportive ecosystem. Fifth, integration of global supply chains. Sixth, the availability of good infrastructure for energy, electricity, water, and other resources. Seventh, harmonization of regulations between central and regional agencies,” she explained.
Esther emphasized that stability at the ministerial level is a positive signal for investors because it reduces short-term policy uncertainty.
According to her, if these seven factors can be met, foreign capital inflows will be easier, strengthening the rupiah exchange rate and the domestic capital market.
