<![CDATA[This study aims to analyze the influence of the rupiah exchange rate, interest rates, and world oil prices on the LQ45 index as well as to examine the role of inflation as a moderating variable. This research is motivated by the high volatility of global and domestic macroeconomic conditions that impact the dynamics of the Indonesian capital market, particularly the LQ45 leading stock index. The data used are monthly secondary data for the period from January 2020 to December 2024. The analytical methods used are multiple linear regression with a first difference approach to meet classical assumptions, and Moderated Regression Analysis (MRA) to test the moderating effect of inflation through interaction variables. The research results indicate that after performing the first difference transformation, the rupiah exchange rate has a negative and significant effect on the LQ45 index. Meanwhile, interest rates and world oil prices do not show a significant effect on the LQ45 index partially. However, simultaneously, these three variables are proven to have a significant effect on the LQ45 index. In the moderation test, inflation is shown to be able to moderate the relationship between the rupiah exchange rate and the LQ45 index, but it does not moderate the effect of interest rates and world oil prices. These findings indicate that in the short term, the movement of the LQ45 index is more sensitive to exchange rate fluctuations compared to other macroeconomic variables. In addition, the inflation condition also strengthens or weakens the effect of the exchange rate on the stock market, making it an important factor that needs to be considered by investors and policymakers.]]>
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