<![CDATA[This study aims to analyze the effect of the rupiah exchange rate and leverage on hedging decisions at PT Krakatau Steel (Persero) Tbk for the period 2015–2024. The study uses a quantitative method with data obtained from the company's financial statements and Bank Indonesia data. The results show that the rupiah exchange rate has a significant effect on hedging decisions, evidenced by a significance value of 0.026 (<0.05) and a calculated t of -2.826 greater than the t table of 2.365. Leverage does not have a significant effect because it has a significance of 0.874 (>0.05) and a calculated t of 0.164 smaller than the t table. Simultaneously, the exchange rate and leverage also do not have a significant effect on hedging decisions, with an F count of 4.387 <F table of 4.740 and a significance of 0.058 (>0.05). These findings indicate that exchange rate fluctuations are a major factor in the company's hedging decisions, while leverage does not have a significant contribution in the decision-making process. ]]>
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