THE EFFECT OF EXCHANGE RATE ON STOCK MARKET INDICES: EVIDENCE FROM JAKARTA ISLAMIC INDEX

Widya Damayanti, Tarisa Ayu Firnanda, Zuhrotun Nisak

Abstract


The purpose of this study was to determine the effect of the Exchange Rate on the Stock market indices
on the Jakarta Islamic Index (JII). This study takes all time series data including Exchange Rate and
Stock market indices on the Jakarta Islamic Index (JII) in 2012 - 2021. The data analysis in this study
is Multiple Linear Regression analysis. The results showed that the Exchange Rate variable had a
significant effect on the Jakarta Islamic Index (JII) Stock market indices. The exchange rate has a
unidirectional relationship with the JII Stock market indices, which means that if the exchange rate
rises, the JII stock market indices also increases


Keywords


Exchange Rate; Stock Market Indices; Jakarta Islamic Index

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