Pengaruh Impor, Jumlah Uang Beredar, Suku Bunga dan Inflasi pada Nilai Tukar Rupiah Terhadap Mata Uang Negara-Negara BRICS-5 Periode 2009-2024

Devi Lufiana Lubis (Universitas Sam Ratulangi)
Tri Oldy Rotinsulu (Universitas Sam Ratulangi)
Dennij Mandeij (Universitas Sam Ratulangi)

Jurnal Ekonomi, Bisnis dan Manajemen
Vol. 5 No. 3 (2026): Jurnal Ekonomi, Bisnis dan Manajemen (EBISMEN)

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.