# Indonesia's Rupiah Strengthens as MSCI Weighs Market Reclassification By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/36950 Published: 2026-10-21T19:05:01.000Z Updated: 2026-10-21T19:05:01.000Z Section: Investing > The rupiah’s official reference rate was 17,986 per U.S. dollar on Oct. 21, compared with 18,052 on Oct. 16. The rupiah strengthened against the U.S. dollar over five days as MSCI weighed a proposal to change Indonesia’s market classification amid a sharp selloff in Indonesian shares. Bank Indonesia (BI) set its official reference rate at 17,986 rupiah per dollar on Oct. 21, down from 18,052 on Oct. 16. The rupiah remained weaker than its Oct. 15 level, when the reference rate stood at 17,948 per dollar. The Jakarta Composite opened about 8% lower on Oct. 16, triggering a [trading halt](), and fell 11.57% that day; the index then dropped about 3.6% on Oct. 19. MSCI is considering reclassifying Indonesia from Emerging Market to Standalone Market status for its indexes. The proposal concerns MSCI’s Indonesia indexes; standalone indexes sit outside MSCI’s Emerging Markets and Frontier Markets indexes. MSCI has not approved the change. Feedback is due April 30, 2027, and a decision is due on or before June 30, 2027. ## Links in this article - [trading halt](https://www.tokenpost.com/news/investing/34607)