Escalate : Economics and Business Journal
Vol. 4 No. 02 (2026): Escalate: Economics and Business Journal

The Effect of Inflation and the Rupiah Exchange Rate on the Composite Stock Price Index for the 2013–2024 Period

Gusti Ayu Nyoman Regina Reswari (Universitas Pamulang)
Yeti Kusmawati (Universitas Pamulang)



Article Info

Publish Date
12 Sep 2026

Abstract

The purpose of this study is to determine the effect of inflation and the Rupiah exchange rate on the Composite Stock Price Index. The method used is a quantitative method. The sampling technique used in this study is saturated sampling. The sample used in this study is inflation data, the rupiah exchange rate, and the Composite Stock Price Index (IHSG) for the period 2013–2024 obtained from Bank Indonesia and Yahoo Finance. Data analysis uses classical assumption tests, regression analysis, correlation coefficients, determination coefficients and hypothesis tests. The results of this study are that inflation has no significant positive effect on the Composite Stock Price Index with a determination value or contribution of 0.282 or 28.2%. and the hypothesis test obtained t count < t table or (-1.984 < 2.228). The Rupiah exchange rate has a positive and significant effect on the Composite Stock Price Index with a determination coefficient or contribution of 0.669 or 66.9% and the hypothesis test obtained t count > t table or (4.501 > 2.228). Inflation and the rupiah exchange rate have a positive and significant effect on the composite stock price index with a regression equation of Y = -2623.251 – 19.237X1 + 618X2. The coefficient of determination is 0.671 or 67.1% while the remaining 32.9% is influenced by other factors. The hypothesis test obtained a calculated f value > f table or (9.174 > 4.260). Thus, there is a significant influence between inflation and the rupiah exchange rate on the composite stock price index.

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Journal Info

Abbrev

escalate

Publisher

Subject

Economics, Econometrics & Finance

Description

Escalate invites both empirical and theoretical articles that explore micro and macro phenomena. The journals publication scope encompasses a wide array of domains, including macro and micro economics, business strategy and policy, entrepreneurship, finance and accounting studies, human resource ...