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All Journal TOFEDU: The Future of Education Journal
Rifka Ajeng Nurbalqis
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.
The Effects of Fossil Energy Consumption and Renewable Energy Investment on Indonesia’s Greenhouse Gas Emissions: An Analysis within the Green Economy Framework Bonaraja Purba; Grace Sari Adinda Pakpahan; Novia Hanifa Surbakti; 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/frd4hz25

Abstract

This study aims to the relationship between fossil energy consumption, renewable energy development, and greenhouse gas (GHG) emissions in Indonesia within the framework of a green econmy. The study employs a descriptive quantitative approach using secondary data from Statistics Indonesia (BPS) for the 2020–2024 period, covering the Energy Flow Accounts and GHG Emissions Accounts, along with supporting data from the Ministry of Environment and Forestry (KLHK), the Ministry of Energy and Mineral Resources (ESDM), and various related scientific literature. The results show that fossil energy consumption particularly coal continues to dominate Indonesia's energy input structure, reaching 96.89% of total natural energy inputs in 2024, while the renewable energy contribution actually declined from 3.51% (2020) to 3.11% (2024). Total GHG emissions increased from 820,375 GgCO₂e (2020) to 1,040,663 GgCO₂e (2024), with the Manufacturing and Electricity and Gas Supply sectors contributing 71.88% of emissions across all industries. The emission intensity of the Manufacturing sector increased by 41% during the study period, indicating that decoupling between economic growth and emissions has not yet occurred. Renewable energy development, as reflected by the renewable energy mix, showed a declining trend, from 7.20% in 2020 to 4.97% in 2024, which occurred alongside an approximately 6% increase in national GHG emission intensity. This study concludes that Indonesia’s continued dependence on fossil energy and the limited development of renewable energy occurred alongside increasing GHG emissions, indicating that the transition toward a green economy has not yet been optimal. This study recommends increased investment in renewable energy research and development, accelerated pro-renewable energy policies, and strengthening of an integrated green economy policy framework.
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 Bonaraja Purba Felora Anjani Grace Sari Adinda Pakpahan Irmayani Pulungan Khairani Alawiyah Matondang Novia Hanifa Surbakti