The Effect of Inflation, World Oil Prices, and The USD/IDR Exchange Rate on The Jakarta Composite Index (JCI)
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This study aims to determine the effect of inflation, world oil prices, and exchange rates on the Jakarta Composite Index (JCI) on the Indonesia Stock Exchange (IDX). The sampling technique used is total sampling, whereby the entire population in the study is used as the sample. The sample consists of 60 time series data observations collected monthly during the study period from January 2020 to December 2024. This study employs an associative causal research design with a quantitative approach. The data analysis method used in this study is multiple linear regression analysis to examine the partial and simultaneous effects of independent variables on the Jakarta Composite Index (JCI). The results of the study indicate that inflation does not have a significant partial effect on the Composite Stock Price Index (JCI). Meanwhile, world oil prices and the USD/IDR exchange rate have a significant partial effect on the Jakarta Composite Index (JCI). However, simultaneously, inflation, world oil prices, and the USD/IDR exchange rate have a significant effect on the Jakarta Composite Index (JCI). This study contributes theoretically by providing a better understanding of the influence of macroeconomic variables, namely inflation, world oil prices, and the rupiah exchange rate, on the Jakarta Composite Index (JCI).
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