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All Journal Formosa Journal of Multidisciplinary Research (FJMR)
Yusril Rahman Hakim
Universitas Negeri Surabaya
Civil Engineering, Building, Construction & Architecture Computer Science & IT Decision Sciences, Operations Research & Management Education Social Sciences

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Factors Affecting the Exchange Rate of the Indonesian Rupiah Against the United States Dollar: January 2013 - December 2023 Yusril Rahman Hakim; Tony Seno Aji
Formosa Journal of Multidisciplinary Research Vol. 4 No. 5 (2025): May 2025
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/fjmr.v4i5.175

Abstract

This study examines factors affecting the Rupiah–US Dollar exchange rate from Jan 2013 to Dec 2023. Using monthly data from Bank Indonesia and Investing.com, the researchers apply the Autoregressive Distributed Lag (ARDL) model to capture both short and long run dynamics among inflation, money supply (M2), the BI Rate, and world crude oil prices (WTI). Findings indicate that higher inflation leads to Rupiah appreciation, whereas increases in money supply and the BI Rate cause depreciation in both horizons; WTI prices have a significant negative effect only in the short term. These results underscore the need for balanced monetary policy controlling inflation and managing liquidity and diversified foreign-exchange sources to uphold Rupiah stability amid shocks and inform targeted policy decisions.
Co-Authors Tony Seno Aji