Pengaruh Impor, Jumlah Uang Beredar, Suku Bunga dan Inflasi pada Nilai Tukar Rupiah Terhadap Mata Uang Negara-Negara BRICS-5 Periode 2009-2024
DOI:
https://doi.org/10.58192/ebismen.v5i3.5038Keywords:
Rupiah Exchange Rate, Imports; Money Supply, Interest Rate, InflationAbstract
This study was conducted to analyze the influence of Imports of destination countries, Money Supply (M2) of destination countries, Interest Rates of destination countries, and Inflation of destination countries on the Rupiah exchange rate against the currencies of BRICS countries. The data used are secondary data obtained from the World Data Bank. The analytical method applied is panel data regression by combining cross-section and time series data processed using Eviews 12 software. The cross-section data covers five BRICS member countries, namely Brazil, Russia, India, China, and South Africa, while the time series data covers an observation period of sixteen years from 2009-2024. The results of panel data regression show that the Import variable has a positive and significant influence on the Rupiah exchange rate against the currencies of BRICS countries. The Money Supply (M2) variable has a negative and significant influence on the Rupiah exchange rate against the currencies of BRICS countries. Meanwhile, Interest Rates show a positive but insignificant influence on the Rupiah exchange rate against the currencies of BRICS countries. On the other hand, inflation in the destination country has a negative and insignificant influence on the Rupiah exchange rate against the currencies of BRICS countries. Simultaneously, imports in the destination country, the amount of money circulating in the destination country, interest rates in the destination country, and inflation in the destination country have a significant influence on the Rupiah exchange rate against the currencies of the BRICS countries.
References
Ambarwati, A. D., Sara, I. M., & Aziz, I. S. A. (2021). Pengaruh Jumlah Uang Beredar (JUB), BI Rate dan Inflasi Terhadap Pertumbuhan Ekonomi di Indonesia Periode 2009-2018. Warmadewa Economic Development Journal (WEDJ), 4(1), 21–27. https://doi.org/10.22225/wedj.4.1.3144.21-27
Ansar, R. F., Muhajra, N., & Solikahan, E. Z. (2024). Analisis Pengaruh Inflasi, Suku Bunga dan Jumlah Uang Beredar Terhadap Nilai Tukar. Jurnal Ilmiah Manajemen Dan Bisnis (JIMBis), 7(2). http://ejurnal.ung.ac.id/index.php/JIMB
Devinda, N. W., & Rozani, A. (2024). Pengaruh Indikator Moneter Terhadap Pergerakan Nilai Tukar Rupiah. EJurnal Bunghatta.
Fordatkosu, S., Kumaat, R. J., & Mandeij, D. (2021). Analisis Pengaruh Ekspor, Impor dan Jumlah Uang Beredar (M2) di Indonesia Terhadap Nilai Tukar Rupiah/US$ Dollar (2000-2019). Jurnal Berkala Ilmiah Efisiensi, 21.
Fransiska, Susanto, K., Iyola, & Astuty, F. (2023). The Effect Of Inflation, Exports And Gross Domestic Product On Exchange Rate In Indonesia Period 2014-2020. Management Studies and Entrepreneurship Journal, 4(3), 1818–1829. http://journal.yrpipku.com/index.php/msej
Hesniati, Kalimah, Z. N., Nanto, H., Yulianti, & Harsono. (2022). Pengaruh Harga Minyak Dunia, Kestabilan Politik dan Suku Bunga Terhadap Nilai Tukar di Indonesia. Jurnal Manajemen & Kewirausahaan, 7.
Ibrahim, M. A., & Kornitasari, Y. (2023). Analisis Pengaruh Inflasi, Cadangan Devisa, dan Suku Bunga Terhadap Nilai Tukar Rupiah Terhadap Dolar. Journal of Development Economic and Social Studies, 2(4), 737–745. https://doi.org/10.21776/jdess.2023.02.4.03
Kumaat, R. J. (2022). Ekonomi Moneter I. PMG.
Laili, A. N., & Wahyuningsih, D. (2022). Analisis Pengaruh Neraca Perdagangan, Suku Bunga Dan Arus Modal Masuk Terhadap Nilai Tukar Rupiah Di Indonesia. JEAM, 21(2).
Maqfirah, D., & Khairita. (2026). Inflation, Interest Rates, and Money Supply as Drivers of Exchange Rate Movements in ASEAN Countries. Majalah Bisnis & IPTEK, 19(1), 22–32. https://doi.org/10.55208/bistek
Muryani, S., & Hutajulu, D. M. (2023). Analisis pengaruh inflasi, produk domestik bruto dan kurs bagi impor Indonesia. Jurnal Ilmiah Ekonomi Bisnis, 28(2), 210–224. https://doi.org/10.35760/eb.2023.v28i2.7290
Nayottama, M. R. F., & Andrian, T. (2022). Analisis Pengaruh, Neraca Transaksi Berjalan, Jumlah Uang Beredar, Inflasi, Suku Bunga, dan Utang Luar Negeri Terhadap Nilai Tukar di Indonesia. Jurnal Impresi Indonesia, 1(12), 1289–1308. https://doi.org/10.58344/jii.v1i12.738
Nurjanah, R., & Mustika, C. (2021). The influence of imports, foreign exchange reserves, external debt, and interest rates on the currency exchange rates against the United States Dollar in Southeast Asia Countries. Jurnal Perspektif Pembiayaan Dan Pembangunan Daerah, 9(4), 365–374. https://doi.org/10.22437/ppd.v9i4.12706
Pane, N. A. (2025). Analisis Faktor-Faktor yang Mempengaruhi Kurs Rupiah Terhadap Dolar Amerika Serikat di Indonesia Tahun 1995-2024.
Puspita, I., & Nurlatipah, L. (2023). Analisis Pengaruh Ekspor dan Impor Terhadap Nilai Tukar. Seminar Nasional Ekonomi Dan Akuntansi.
Rotinsulu, T. O. (2023). Kebanksentralan. UNSRAT PRESS.
Situmorang, C., Hutasoit, E. S., & Siburian, M. (2025). Jumlah uang beredar dan nilai tukar: mengungkapkan dinamika rupiah terhadap dolar AS melalui pendekatan kuantitatif (2015-2024). Jurnal Penelitian Multidisiplin Terpadu, 9(6), 372–379.
Tri Astutik, I., & Syafri, M. (2026). Pengaruh Suku Bunga Terhadap Nilai Tukar dengan Inflasi Sebagai Variabel Kontrol (2005-2025). Jurnal Ilmiah Ekonomi Manajemen Bisnis Dan Akuntansi, 3. https://doi.org/10.61722/jemba.v3i3.2275
Ulm, M., & Hambuckers, J. (2021). Do interest rate differentials drive the volatility of exchange rates? Evidence from an extended stochastic volatility model. https://ssrn.com/abstract=3984900
Vo, H. L., & Vo, D. H. (2022). The purchasing power parity and exchange-rate economics half a century on. Journal of Economic Surveys, 37(2), 446–479. https://doi.org/10.1111/joes.12504
Wibowo, S., Sutisna, N., Se Fung, T., & Januardi, L. (2021). Pengaruh Inflasi, Nilai Tukar (Kurs) Rupiah Dan Tingkat Suku Bunga Terhadap Indeks Harga Saham Gabungan (Ihsg) Di Bursa Efek Indonesia (Bei) Periode 2016-2020. Jurnal Ilmiah Akuntansi Dan Teknologi, 13(2). https://jurnal.ubd.ac.id/index.php/akunto
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Jurnal Ekonomi, Bisnis dan Manajemen
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
