In addition, "any president will have to hike fuel prices in the first quarter of 2015," he said.
The contest became a dead-heat between one-time frontrunner Joko Widodo, the Jakarta governor with a corruption-free reputation who is seen as the more market-friendly candidate, and main rival Prabowo Subianto, an ex-general facing a U.S. visa ban for allegations of past human rights violations. Once trailing by as much as 30 points in the pre-election polls, as the election day approached, Prabowo managed to close the gap with an aggressive, nationalistic campaign.
Joko Widodo, also known as Jokowi, has claimed victory based on unofficial results, although Prabowo's camp said they are still confident of winning. In offshore trade, the rupiah strengthened to around 11,500 against the U.S. dollar from 11,620 at the close Tuesday after early, unofficial exit polls indicated Jokowi may have eked out a narrow win.
Whoever wins will face questions over how to cut the price tag on the government's fuel subsidies.
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Indonesia is expected to spend around 285 trillion rupiah (around $25 billion) on oil subsidies this year, swallowing up more than 15 percent of its budget and spurring cuts to other spending. In 2013, subsidies cost around 240 trillion rupiah, despite the government cutting the level mid-year. By comparison, the government aimed to spend around 200 trillion rupiah on infrastructure that year.
Both candidates have said they will use the savings from cutting the fuel subsidy to finance infrastructure spending.
Other investors are also relatively sanguine about who wins the race.
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"For both of them, the election mandate is the same and that is to kick start this economy," Medha Samant, investment director at Fidelity Worldwide, told CNBC.
Economic growth in the country has slowed, with the central bank cutting its forecast for this year to 5.1-5.5 percent, the weakest since 2009, during the financial crisis. Contributing to the problem, Indonesia's central bank has hiked rates five times since the middle of last year to 7.50 percent to prop up a crumbling currency. It also said it will raise interest rates if fuel subsidies are increased to contain any inflation.