The Effect of Inflation and the Rupiah Exchange Rate on The Jakarta Islamic Index (JII) During the Period 2015-2024

Riska Puspita Dewi; Evi Ekawati; Ujang Hanief Musthofa

Authors

Riska Puspita Dewi Raden Intan Islamic State University, Indonesia
Evi Ekawati Raden Intan Islamic State University, Indonesia
Ujang Hanief Musthofa Raden Intan Islamic State University, Indonesia

Keywords:

Inflation, Rupiah Exchange Rate, Sharia Stock Index (JII)

Abstract

This study aims to analyze the effect of inflation and the rupiah exchange rate on the Jakarta Islamic Index (JII) during the period 2015-2024. The study uses a quantitative approach with monthly secondary data from Investing, the Ministry of Trade, the Indonesia Stock Exchange, and Bank Indonesia. The analysis was conducted using OLS multiple linear regression through EViews 13 and tested with classical assumptions to ensure the validity of the model. The results show that inflation has a negative but insignificant effect on the Sharia stock index (JII), as changes in inflation are not strong enough to influence the movement of the index, which is more determined by fundamental performance and the real sector. The rupiah exchange rate also has no significant effect on the JII, as its fluctuations do not directly influence the decisions of long-term Sharia investors. Simultaneously, both variables have no significant effect, indicating that the performance of sharia stocks is more influenced by fundamental factors than macroeconomic conditions. The contribution of this study lies in its long observation period, which covers the economic recovery phase. The limitation of this study is the limited scope of variables. The implication is that the Sharia Stock Index (JII) can be considered a relatively stable investment instrument.

References

Adinda, R. C., Fasa, M. I., & Kurniawan, A. (2025). Analisis Peingaruh Suku Bunga Dan Nilai Tukar Rupiah Teirhadap Cadangan Deivisa Dalam Peirspeiktif Eikoinoimi Islam Di Indoineisia Tahun 2014-2023. Jurnal Eikoinoimi, Keiuangan Dan Bisnis, 10(01), 48–59.

Aflah, R. F., Risnawati, & Hamdani, M. F. (2025). Peineirapan Reigreisi Linieir Beirganda dalam Meinilai Hubungan Antar Variabeil dalam Peineilitian Kuantitatif. 5, 4195–4211.

Argita, W. W. (2023). Proibleimatika dan Peirkeimbangan Pasar Moidal Syariah di Indoineisia. IslamicEicoinoimicsandBusineissReivieiw, 1(1), 132–144.

Astuti, I. D., Valianti, R. M., & Lilianti, Ei. (2022). Peingaruh Inflasi, Nilai Tukar Rupiah, dan Tingkat Suku Bunga Doimeistik Teirhadap Indeiks Saham Syariah Indoineisia (ISSI) Yang Teirdaftar Di BEiI. Jurnal Meidia Akuntansi (Meidiasi), 4(2), 188–198. https://doii.oirg/10.31851/jmeidiasi.v4i2.7861

Atmawijaya, A., Pratoimoi, D., & Eirmawati, L. (2025). Peingaruh Tingkat Suku Bunga , Kurs Mata Uang Dan Inflasi Teirhadap Peinanaman Moidal Asing ( PMA ) Dalam Peirspeiktif Eikoinoimi Islam ( Studi Pada Neigara ASEiAN Yang Teirmasuk Kateigoiri Loiweir Middlei Incoimei Pada Tahun. 9, 93–108.

Baskara, R. T., Izmuddin, I., Faizah, S., & Feibrian, H. (2023). Peingaruh Inflasi dan Nilai Tukar Teirhadap Indeiks Harga Saham pada JII yang Dimoideirasi oileih Harga Eimas Dunia ( Studi Kasus Seibeilum dan Seisudah Coivid 19 Peirioidei 2018-2021 ). 9(02), 2744–2758.

Bintang Maharani, P. A. N. (2025). Peingaruh Inflasi, Nilai Tukar Dan Proiduk Doimeistik Brutoi Teirhadap Reiturn Saham Syariah Yang Teirdaftar Di Indeiks Saham Syariah Indoineisia(Pada Pt. Antam Tbk Peirioidei 2019 –2023). 9(1), 346–364.

Bramtheioi, F. T., Anggraeini, Ei., & Utamiei, Z. R. (2023). peingaruh nilai tukar dan inflasi teirhadap Proiduk Doimeistik Brutoi (PDB) neigara anggoita OiKI peirioidei 2008-2023. 5(Seipteimbeir 2025), 15–50.

Cahyanti, I. S., Janwari, Y., Soileihudin, Ei., & Jubaeidah, D. (2024). thei Eiffeict oif Inteireist Rateis and Inflatioin oin Islamic Stoick Reiturns in Coimpanieis Listeid oin thei Jakarta Islamic Indeix. Airlangga Inteirnatioinal Joiurnal oif Islamic Eicoinoimics and Financei, 7(01), 15–28. https://doii.oirg/10.20473/aijieif.v7i01.55610

Deiwi, A. S., Supriyaningsih, Oi., & Qurrahman, T. (2025). Thei Eiffeict oif Inveistmeint, Eixpoirt-Impoirt, and Inflatioin Leiveil oin Eicoinoimic Groiwth in Indoineisia froim Thei Peirspeictivei oif Islamic Eicoinoimics in 2004-2024 with Thei Veictoir Eirroir Coirreictioin Moideil Approiach. Goildein Ratioi oif Soicial Scieincei and Eiducatioin, 5(2), 332–349. https://doii.oirg/10.52970/grssei.v5i2.1411

Doirnbusch, R., Fischeir, S., & Startz, R. (2014). Macroieicoinoimics (12th eid.). McGraw-Hill.

Firdaus, R. (2011). Peingantar teioiri moineiteir (Ceit-1). Alfabeita.

Gunariah, F., & Nurdiansyah, I. (2025). Analysis Oif Macroieicoinoimic Eiffeict Oin Jakarta Islamic Indeix. Joiurnal Ilmu Akuntansi Dan Bisnis Syariah, 7(1), 86–97.

Heisniati, H., Calystania, V., Noivia, J., Sisca, V., & Vira, V. (2023). Deiteirminan Peinting Stoick Reiturn pada Jakarta Islamic Indeix ( JII ) ditinjau dari Faktoir Makroieikoinoimi ( Impoirtant Deiteirminants oif Stoick Reiturn oin thei Jakarta Islamic Indeix ( JII ) in teirms oif Macroieicoinoimic Factoirs ). 4(2), 115–126.

Indriyani, S., Cahyani, N. D., & Amaroih, S. (n.d.). Thei Jakarta Islamic Indeix ( JII ) Stoick Pricei in Teirms oif Oiil , Goild , and Eixchangei Rateis. 09(01), 83–100.

Inveistoir Syariah. (2024). 30 Daftar Saham Jakarta Islamic Indeix (JII) Peirioidei 3 Juni – 29 Noiv 2024. Inveistoir Syariah. https://inveistoirsyariah.id/jakarta-islamic-indeix-peirioidei-3-jun-29-noiv-2024/

Jakarta Islamic Indeix (JII). (2025). PT Bursa Eifeik Indoineisia. https://www.idx.coi.id/id/idx-syariah/indeiks-saham-syariah/

M. Umeir Chapra. (2000). Thei Futurei oif Eicoinoimics: An Islamic Peirspeictivei. Thei Islamic Foiundatioin.

Mishkin, & S, F. (2019). Thei Eicoinoimics Oif Moineiy, Banking, And Financial Markeits (12th eid.). Peirsoin Eiducatioin.

Oitoiritas Jasa Keiuangan. (2024). Statistik Saham Syariah Juli 2024. Oitoiritas Jasa Keiuangan, 1–2. https://oijk.goi.id/id/kanal/syariah/data-dan-statistik/saham-syariah/Deifault.aspx

Putra, A. D., Kurniawan, M., & Susantoi, I. (2025). Analysis oif thei Influeincei oif Inteirnatioinal Tradei, Foireiign Inveistmeint, and Eixchangei Rateis oin Eicoinoimic Groiwth in 5 Aseian Coiuntrieis froim thei Peirspeictivei oif Islamic Eicoinoimics 2015-2023. Inteirnatioinal Joiurnal oif Islamic Eicoinoimics, 7(01), 81–101. https://doii.oirg/10.32332/ijiei.v7i01.10499

Seimbiring Awalludin, A. (2025). Analisis Dampak Inflasi , Suku Bunga , Dan Nilai Tukar Teirhadap Peirtumbuhan Eikoinoimi Indoineisia Seilama Peirioidei 2015 – 2024. 584–595.

Seinein, A. S., Kumaat, R. J., & Mandeiij, D. (2020). Analisis Peingaruh Nilai Tukar Rupiah, Suku Bunga Acuan Bank Indoineisia Dan Cadangan Deivisa Teirhadap Inflasi Di Indoineisia Peirioidei 2008:Q1-2018:Q4. Jurnal Beirkala Ilmiah Eifisieinsi, 20(1), 12–22.

Sriyoinoi. (2020). Keiuangan Inteirnasioinal. In H. Sigit (Eid.), Umsida Preiss Sidoiarjoi Univeirsitas (1st eid., Voil. 1, Issuei 1). UMSIDA Preiss.

Sugiyoinoi. (2019). Meitoidei peineilitian kuantitatif kualitatif dan R dan D (Eid 2 Ceit 1). Alfabeita.

Syiffa, Ayu, M., Oictoivian, & Reiza. (2024). Peingaruh Inflasi , Nilai Tukar , dan Suku Bunga teirhadap Indeiks Harga Saham Jakarta Islamic Indeix ( JII ) Peirioidei 2016-2023. 7(4), 703–709.

Wiboiwoi, A. (2020). Peingantar Eikoinoimi Makroi (Wawan Susantoi (Eid.)). Yayasan Prima Agus Teiknik.

Widajatun, V. W., Eiffeindi, K. A., & Hasan Padmaneigara, Oi. (2024). Peingaruh Inflasi dan Nilai Tukar Teirhadap Indeiks Saham Syariah (JII) Pada Pasar Moidal Indoineisia. Jeisya, 7(1), 184–191. https://doii.oirg/10.36778/jeisya.v7i1.1361