Analysis of the Relationship Between Interest Rates, Inflation, and Exchange Rates on Stock Price Movements in KBMI 3 and 4 Banking Companies Listed on the IDX Period 2019–2023

Macroeconomic variables and monetary conditions are critical factors for investors in stock trading. Economic fluctuations, such as interest rates (BI Rate), exchange rates, and inflation, can significantly influence stock prices, including in the banking sector. This study examines the impact of macroeconomic variables on stock prices changes in KBMI 3 and KBMI 4 banks listed on the Indonesia Stock Exchange (IDX) from 2019 to 2023. Using a quantitative approach and multiple linear regression, 14 banking companies were analyzed, selected through purposive sampling. Results show that: (1) interest rates have a positive but insignificant effect on stock prices; (2) inflation has a positive and significant effect; and (3) exchange rates have a positive and significant effect on stock prices for KBMI 3 and KBMI 4 banks on the IDX.