ANALISA FAKTOR PENYEBAB MELEMAHNYA NILAI TUKAR RUPIAH
DOI:
https://doi.org/10.51878/moneter.v2i2.12725Keywords:
Nilai Tukar Rupiah, Depresiasi, Inflasi, Cadangan Devisa, Kebijakan MakroekonomiAbstract
ABSTRACT
The exchange rate is one of the key indicators reflecting a country's economic stability and competitiveness in international trade. Since the implementation of the free floating exchange rate system in 1997, the Indonesian Rupiah against the United States (US) Dollar has continued to fluctuate due to both domestic economic dynamics and global economic conditions. This article aims to analyze the macroeconomic and external factors influencing the depreciation of the Rupiah exchange rate. This study employs a literature review method by examining relevant scientific articles and official reports, which are then analyzed using a descriptive qualitative approach through the synthesis of previous research findings. The findings indicate that inflation, money supply, interest rates, the trade balance, foreign exchange reserves, and global economic and political uncertainty are the primary factors contributing to the depreciation of the Rupiah. It is concluded that exchange rate stability requires integrated macroeconomic policies through inflation control, strengthening foreign exchange reserves, and coordination between monetary and fiscal policies. This study provides a comprehensive synthesis of the determinants of Rupiah depreciation and serves as a reference for exchange rate stabilization policies and future research.
ABSTRAK
Nilai tukar mata uang merupakan salah satu indikator penting yang mencerminkan stabilitas ekonomi suatu negara dalam perdagangan internasional. Sejak diterapkannya sistem nilai tukar mengambang bebas (free floating exchange rate) pada tahun 1997, nilai tukar Rupiah terhadap Dolar Amerika Serikat (AS) terus mengalami fluktuasi akibat dinamika ekonomi domestik maupun global. Artikel ini bertujuan untuk menganalisis faktor-faktor ekonomi makro dan kondisi eksternal yang memengaruhi depresiasi nilai tukar Rupiah. Penelitian ini menggunakan metode studi literatur dengan menelaah berbagai artikel ilmiah dan laporan resmi yang relevan, kemudian dianalisis secara deskriptif-kualitatif melalui proses sintesis temuan penelitian. Hasil kajian menunjukkan bahwa inflasi, jumlah uang beredar, suku bunga, neraca perdagangan, cadangan devisa, serta ketidakpastian ekonomi dan politik global merupakan faktor utama yang saling memengaruhi pelemahan nilai tukar Rupiah. Disimpulkan bahwa stabilitas nilai tukar memerlukan kebijakan makroekonomi yang terintegrasi melalui pengendalian inflasi, penguatan cadangan devisa, serta koordinasi kebijakan moneter dan fiskal. Kajian ini memberikan sintesis komprehensif mengenai determinan depresiasi Rupiah yang dapat menjadi referensi dalam perumusan kebijakan stabilisasi nilai tukar dan penelitian selanjutnya.
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