PENGARUH NILAI TUKAR RUPIAH, INFLASI DAN BI RATE TERHADAP INDEKS HARGA SAHAM GABUNGAN (IHSG) PERIODE 2005-2020

Abstract

The purpose of this study was to determine the effect of the Rupiah Exchange Rate, Inflation and BI Rate on the Composite Stock Price Index. This study uses three independent variables (Rupiah Exchange Rate, Inflation and BI Rate) and one dependent variable (Joint Stock Price Index). The data used is annual data for the period 2005 to 2020. The analysis used is multiple linear regression analysis with OLS using the E-Views Application. The results obtained are the rupiah exchange rate, inflation and the BI rate partially, the Rupiah exchange rate has a positive and significant effect on the Composite Stock Price Index, Inflation has a positive but not significant effect on the Composite Stock Price Index while the BI Rate has an effect on significant negative. Meanwhile, together or simultaneously the independent variables affect the Composite Stock Price Index by 84.41% (adjusted R2 = 0.8441) while 15.59% is explained by other variables not included in this study.

Keywords: Rupiah Exchange Rate, Inflation BI Rate and Composite Stock Price