Jakarta. President Prabowo Subianto is scheduled to attend a plenary session of Indonesia’s House of Representatives on Wednesday to deliver a speech on the government’s macroeconomic framework and fiscal policy direction amid sharp pressure on the rupiah, rising global oil prices, and weakness in the domestic stock market.

It is highly unusual for an Indonesian president to attend a regular parliamentary plenary session outside the annual state address delivered every August.

The session will also mark the first time Prabowo has attended a standard parliamentary plenary meeting since taking office in October 2024.

“The president will directly present the macroeconomic policy framework and the main directions of the government’s fiscal policy,” Deputy House Speaker Saan Mustopa said in Jakarta.

By Tuesday afternoon, the rupiah had fallen again to a fresh record low, weakening beyond Rp 17,700 per US dollar and extending a depreciation trend that has continued since April.

Prabowo’s administration has attributed the rupiah’s decline partly to seasonal factors, including increased dollar demand linked to the annual Muslim hajj pilgrimage, external debt repayments, and dividend repatriation by foreign companies.

Bank Indonesia Governor Perry Warjiyo has repeatedly argued that the rupiah is currently undervalued and does not reflect Indonesia’s underlying economic fundamentals, which he described as healthy.

Perry has also projected that the rupiah could recover to around Rp 16,800 per US dollar in the third quarter of 2026.