THE EFFECT OF NEW CASES AND VACCINATION ON THE JOINT STOCK PRICE INDEX ITS IMPLICATIONS ON RUPIAH EXCHANGE RATES (Case Study in Indonesia in 2021)
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Santy Aji Sitohang
Talent E. Marbun
Wie She Wudjud
This study aims to examine the effect of new cases and vaccination on the JCI and the implications for the rupiah exchange rate. Type of desk study research with a quantitative approach. Data analysis technique uses path analysis. The results of the study concluded that (1) new cases of Covid-19 had a negative and significant effect on the JCI. An increase in new cases of Covid-19 can cause the JCI value to weaken. Vaccination has a positive and significant effect on the JCI. The vaccination program succeeded in encouraging the strengthening of the JCI value in the capital market (2) the JCI had a negative and significant effect on the rupiah exchange rate. The increase in the JCI will encourage the strengthening of the rupiah exchange rate against the US $ (3) New cases of Covid-19 and vaccinations have a positive and significant effect on the rupiah exchange rate. The increase in Covid-19 cases and vaccinations caused the rupiah exchange rate to weaken against US$ (4). The JCI was unable to mediate the effect of new Covid-19 cases and vaccinations on the rupiah exchange rate. The addition of the Covid-19 case had a direct impact on the decline in the rupiah exchange rate against the US$ without considering the movement of the JCI. The Covid-19 vaccination program encouraged the strengthening of the JCI but the increase in the JCI was unable to make the rupiah exchange rate strengthen against the US$.
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