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All Journal TOFEDU: The Future of Education Journal
Irmayani Pulungan
Universitas Negeri Medan
Education Languange, Linguistic, Communication & Media Mathematics Other

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The Effect of Foreign Exchange Market Interventions on Rupiah Exchange Rate Fluctuations in Indonesia Khairani Alawiyah Matondang; Felora Anjani; Irmayani Pulungan; Rifka Ajeng Nurbalqis
The Future of Education Journal Vol 5 No 3 (2026)
Publisher : Lembaga Penerbitan dan Publikasi Ilmiah Yayasan Pendidikan Tumpuan Bangsa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61445/22j0rh49

Abstract

This study aims to examine the impact of foreign exchange market intervention on fluctuations in the Indonesian Rupiah exchange rate. The study employs a quantitative approach using secondary data obtained from Bank Indonesia. Foreign exchange market intervention is measured by the volume of Domestic Non-Deliverable Forward (DNDF) transactions, while the Rupiah exchange rate is measured using the Jakarta Interbank Spot Dollar Rate (JISDOR). The dataset covers 12 observation periods from August to September 2026. The analytical techniques include descriptive statistics, simple linear regression, a t-test, and the coefficient of determination. The results show the regression equation Y = 17,772.39 − 0.585X, indicating a negative relationship between foreign exchange market intervention and the value of the Rupiah. However, the t-test produces a significance value of 0.279, which is higher than the 0.05 significance level. Therefore, foreign exchange market intervention does not have a statistically significant effect on fluctuations in the Rupiah exchange rate during the study period. The coefficient of determination of 11.60% indicates that foreign exchange market intervention explains only a small proportion of the variation in the Rupiah exchange rate, while the remaining 88.40% is attributable to other factors outside the research model. These findings suggest that Rupiah exchange rate stability is influenced not only by Bank Indonesia’s intervention policies but also by various domestic and global economic factors.
Integrating Circular Carbon Economy into Waste Bank Supply Chains: An Analysis of Collaborative Networks and Net-Zero Strategies in Surabaya City Bonaraja Purba; Amelia Shanna Adrave Sihombing; Irmayani Pulungan; Nursaidah Fitriyani Sirait
The Future of Education Journal Vol 5 No 3 (2026)
Publisher : Lembaga Penerbitan dan Publikasi Ilmiah Yayasan Pendidikan Tumpuan Bangsa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61445/08abyy10

Abstract

This study aims to analyze the integration of the circular carbon economy into waste bank supply chains and to formulate an Integrated Circular Carbon Economy (ICCE) framework for net-zero strategies in Surabaya City. A descriptive qualitative research method was employed, utilizing a literature-based approach focused on 15 key journals covering waste banks, the circular economy, the circular carbon economy, circular supply chains, and social network analysis; additional publicly available references were used to provide supporting information. Data were analyzed through cross-journal comparison, thematic grouping, and synthesis into an integrative framework. The results indicate that (1) the waste bank supply chain flow comprises households, waste banks, collectors, and the recycling industry; (2) the collaborative network structure among stakeholders remains fragmented and relies heavily on collectors and the Environmental Agency; (3) the most prominent "9R" practices are R3 (Reuse) and R8 (Recycle), whereas R0–R2 (Refuse, Rethink, Reduce) practices are minimal; and (4) the circular carbon economy concept encompasses elements such as emission reduction and carbon credits, yet major obstacles persist regarding Monitoring, Reporting, and Verification (MRV) mechanisms and the institutional capacity of waste management entities. Managerial and policy implications are discussed to accelerate net-zero strategies within the waste management sector.
The Effect of Foreign Exchange Market Interventions on Rupiah Exchange Rate Fluctuations in Indonesia Khairani Alawiyah Matondang; Felora Anjani; Irmayani Pulungan; Rifka Ajeng Nurbalqis
The Future of Education Journal Vol 5 No 3 (2026)
Publisher : Lembaga Penerbitan dan Publikasi Ilmiah Yayasan Pendidikan Tumpuan Bangsa

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61445/sacbp023

Abstract

This study aims to examine the impact of foreign exchange market intervention on fluctuations in the Indonesian Rupiah exchange rate. A quantitative approach was employed using secondary data obtained from Bank Indonesia. Foreign exchange market intervention was measured by the volume of Domestic Non-Deliverable Forward (DNDF) transactions, while the Rupiah exchange rate was measured using the Jakarta Interbank Spot Dollar Rate (JISDOR). The study covered 12 observation periods from August to September 2026. The analytical techniques included descriptive statistics, simple linear regression, a t-test, and the coefficient of determination. The regression analysis produced the equation Y = 17,772.39 − 0.585X, indicating a negative relationship between foreign exchange market intervention and the value of the Rupiah. However, the t-test yielded a significance value of 0.279, which was higher than the 0.05 significance level. Therefore, foreign exchange market intervention did not have a statistically significant effect on fluctuations in the Rupiah exchange rate during the study period. The coefficient of determination of 11.60% indicates that foreign exchange market intervention accounted for only a small proportion of the variation in the Rupiah exchange rate, while the remaining 88.40% was attributable to other factors outside the research model. These findings indicate that Rupiah exchange rate stability is influenced not only by Bank Indonesia’s intervention policy but also by various domestic and global economic factors.
Co-Authors Amelia Shanna Adrave Sihombing Bonaraja Purba Felora Anjani Khairani Alawiyah Matondang Nursaidah Fitriyani Sirait Rifka Ajeng Nurbalqis